Money continues to flow into the Grocerant niche filled with Ready-2-Eat and Heat-N-Eat fresh prepared food. Regular readers are familiar with RedMart, the online grocery company in Singapore that’s raised over $50 million to date, is expanding as it launched an on-demand platform this week.
This new On-Demand service is named RedMart Relay will empower customers to buy “tens of thousands of products” from a range of as-yet-undisclosed partners that cover hot food, clothes, electronics and more. RedMart CEO Roger Egan told TechCrunch that products will arrive with customers within an hour of their order being completed, although hot meals will be dispatched faster for obvious reasons.
RedMart has been in business for over four years, during which time it has stayed in Singapore but the Ready-2-Eat and Heat-N-Eat space is dynamic not static and RedMart must be as well. This year new rivals have emerged including Honestbee landed $15 million and is in Hong Kong and Singapore, while HappyFresh raised $12 million and is in Malaysia, Indonesia and Thailand, but Egan believes that RedMart has rightly taken time to develop a more sustainable and efficient model.
RedMart Relay is the company’s second new launch of the year, following the introduction of a marketplace that allows retailers to sell online using RedMart’s existing customer base and logistics network. Omni-Channel retail with a focus on Grocerant niche Ready-2-Eat and Heat-N-Eat fresh food drives sales.
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