Internet firm Askme on 15 May 2015 acquired grocery marketplace BestAtLowest.com for about 10 million US dollar.
As part of the agreement, BestAtLowest.com will become part of Askme. The acquisition will further expand the company’s search plus capabilities and enable near real-time inventory sync between online and physical stores.
Bestatlowest.com is a marketplace working in the hub-and-spoke model. It has tied up with retailers and supermarket stores to acquire food and groceries to supply to its hub, which are then delivered across locations.
BestAtLowest.com has over 7000 products across categories spread in the FMCG and non-FMCG sectors.
Brick-and-mortar retail in India is expected to grow three times to 180 billion US dollar in 2020 from 60 billion US dollar in 2015. E-commerce is expected to quadruple in the same time to become a 60-70 billion US dollar market.
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Who: Internet firm Askme
When: 15 May 2015