Advertisement
Singapore markets closed

  • Straits Times Index

    3,287.75
    -5.38 (-0.16%)
     

  • S&P 500

    5,071.63
    +1.08 (+0.02%)
     

  • Dow

    38,460.92
    -42.77 (-0.11%)
     

  • Nasdaq

    15,712.75
    +16.11 (+0.10%)
     

  • Bitcoin USD

    62,966.34
    -3,097.50 (-4.69%)
     

  • CMC Crypto 200

    1,349.59
    -32.98 (-2.38%)
     

  • FTSE 100

    8,062.99
    +22.61 (+0.28%)
     

  • Gold

    2,335.10
    -3.30 (-0.14%)
     

  • Crude Oil

    82.42
    -0.39 (-0.47%)
     

  • 10-Yr Bond

    4.7160
    +0.0640 (+1.37%)
     

  • Nikkei

    37,628.48
    -831.60 (-2.16%)
     

  • Hang Seng

    17,284.54
    +83.27 (+0.48%)
     

  • FTSE Bursa Malaysia

    1,569.25
    -2.23 (-0.14%)
     

  • Jakarta Composite Index

    7,155.29
    -19.24 (-0.27%)
     

  • PSE Index

    6,574.88
    +2.13 (+0.03%)
     

Singapore’s Redmart Gets Bigger Team, Bigger Warehouse, Bigger Revenue

Willis Wee
redmart
redmart

Singapore-based online supermarket RedMart seems to be doing very well these days. At least everything seems to be growing rapidly. According to their most recent update, the good folks at RedMart tell us they have moved to a new 12,000 sq ft. warehouse. The new expansion will also see an increase in its selection of goods to over 8,000 products.

RedMart’s team has also grown pretty large. From four people (including founders Vikram Rupani and Roger Egan) to the current total of 42 people. Out of the 42 people, 23 of them are delivery and warehouse folks. When asked about the most difficult part of building the business, Vikram pointed out logistics, which explains why more than half of the team are dedicated to supporting it. He explains:

E-commerce for groceries is arguably the most complex e-commerce from a fulfillment perspective. Each order has about 30 unique items, and picking and packing these items and delivering same day within a 2-hour window in a cost effective manner is no simple task. With the help of our advisors (including Jason Ackerman, founder & CEO of FreshDirect.com in the US), we are building a world-class supply chain, which will be the first of its kind in Southeast Asia.

ADVERTISEMENT

The RedMart founders also revealed that in January 2013, the company, made about $250,000 in revenue, which was a 15x growth compared to January 2012 when it made just $15,000. So is it profitable yet? Nope, it isn’t. But the founders say that it is on track to becoming profitable by the end of this year.

RedMart is currently only available in Singapore. But Vikram revealed that the team is planning to expand to one of the Southeast Asia countries in 2014. RedMart is backed by Skype co-founder Toivo Annus and Golden Gate Ventures.

There have been a couple of times when I was asked to recommend online supermarket services and RedMart naturally comes to mind. So far, the feedback from my friends about the service has been great. Hopefully it can also avoid the fate of the less fortunate WebVan back in 2008.


The post Singapore’s Redmart Gets Bigger Team, Bigger Warehouse, Bigger Revenue appeared first on Tech in Asia.