New York-based Boxed, the startup for shopping food and domicile equipment in bulk, is in talks to be acquired by Kroger for about $500 million. Other retailers are also approaching to be making bids.
The news was first reported by Forbes and reliable to TechCrunch by a source with believe of the situation. We’re conference that the company is aiming to make a decision this weekend.
Founded in 2013, Boxed is effectively an online Costco competitor. With just a few taps, business can sequence vast boxes trimming from cereal to washing detergent. The equipment are labelled at a discount.
In an epoch where Jet can sell to Walmart for $3 billion, it’s unsurprising that Boxed would beget customer interest. The race is on to keep up with Amazon and retailers are anticipating to snap up rising platforms.
But it hasn’t been inexpensive to build Boxed’s business. The company has already lifted at slightest $132 million from obvious investors like Bessemer Venture Partners, GGV Capital, Greycroft Partners and First Round Capital. Eniac Ventures was its first investor. Boxed’s latest Series C turn was in Jan 2016.
Co-founder and CEO Chieh Huang formerly worked at Zynga and before that, used law.