Redmart tipped to be scouting for buyer amid tough competition

Redmart is reportedly looking a buyer as competition intensifies in the city-state, according to Bloomberg. The Singapore online grocer which is backed by billionaire Facebook co-founder Eduardo Saverin, is said to be working with an investment bank on options that include a possible sale of the grocer.The company has also reportedly reached out to potential buyers that includes Singapore supermarket chain NTUC Fairprice, said the report.Marketing has reached out to Redmart.Founded in August 2011, Redmart has raised millions of dollars from investors such as SoftBank Ventures Korea and Southeast Asia’s largest's tech startup Garena, despite the highly competitive funding environment in the region. In 2014, its US$23 million funding round attracted new investors like SoftBank and Visionnaire Ventures, as well as existing backers including Saverin who also sits on its advisory board.Redmart may also consider another round of funding instead of an outright sale, the company told Bloomberg. It added that its business continues to grow rapidly and has "more than doubled our revenue thus far in 2016, while remaining on a clear path to profitability.”