According to the Redmart mission: “Redmart is an online supermarket that engages In the delivering of groceries and home essentials. Redmart is an online marketplace that provide an avenue to save people time for what that really matters in life”.
Redmart is headquartered in Singapore and it was founded in 2011. Redmart orders can be made anytime and anywhere via the company site or mobile app. Grocery orders are delivered to the customers doors 7 days a week within a customer specified 2 hour slot. By avoiding standard supermarket costs, Redmart has lower overhead and they share the savings right back to their customers. Currently, Redmart has over 25,000 products in store and are increasing them regularly. The products are offered at everyday low price sales promotion regularly.
REDMART INVESTMENT ROUND
Red art was founded in March 2011 by Roger Egan, Rajesh Lingappa and Vikram Rupani and is backed by investors and advisors like TiVo Annus (Skype co-founder), Garena, Eduardo Saverin (Facebook co-founder), Jason Ackerman (Fresh direct CEO) visionanaire ventures, and Soft Bank ventures.
On July 14th, 2014 according to Redmart,com, it was announce that the company has successfully raised a sum of $23million series B round from existing investors, Garena and Eduardo Saverin, also from new investors like Visionnaire ventures and Sof Bank ventures. This increased total funding to $27 million.
Forest li, the founder and group CEO of Garena, which is the lead investor in series B round, stated that his company Garena is one of the pioneer investors in Redmart. He expressed his confidence in the credible potential for growth of Redmart. He stated further that since Redmart has participated in their series A financing round. It has hired world class talents, and demonstrated remarkable progress and flawless execution that exceed their expectations.
COMPETITORS
Redmart is facing stiff competition from different grocery retailers across the country.
COMPARISM BETWEEN REDMART AND THEIR COMPETITORS
| Service provider | Price | Charges |
| Sheng shong | Order Above $70
Order below $75 |
Free delivery
Charges $7 |
| Giant | Orders above $60
Order below $60 |
Charges $7
Charges $12 |
| Cold storage | Order above $60
Order below $60 |
Charges $7
Charges $12 |
| Fair price | Order above $60
Order below $60 |
Charges $7
Charges $12 |
| Redmart | Order above $75
Order below $75 |
Free delivery
Charges $7 |
REDMART AND ITS CUSTOMERS
Redmart has won over many customers with their convenient service. Whenever customers run out of groceries, they shop directly from Red mart and their order is delivered to their door step. The average order value has around $102.7 per purchase consistently with customers buying between 1.25 and 1.5 times per month.According to the company CFO, Rupani, customers do buy heavy bulky, dry, non- perishable items from Redmart..
REVENUE
Revenue grew in 2013 from $10,000 to $175,000 in monthly revenue generation and also expanded its selection to over 8000 products. The company annual run rate was at $2,000,000. The company is currently investing in new facilities to achieve the expansion its selections to over 8000 products, it has moved from its 12,000 square feet warehouse to accommodate new developments.
The company is planning to expand to other countries this year and also increase its and annual sales to about $90million.