RedMart said to be on the prowl for potential buyers

It's also considering another round of funding.

Singapore online grocer RedMart, which is backed by Facebook co-founder Eduardo Saverin, is said to be on the prowl for a buyer as competition intensifies in the city-state, according to a report by Bloomberg.

“RedMart is working with an investment bank on options including a possible sale of the grocer, which delivers products ranging from fresh dragonfruit to frozen dumplings, according to the people [with knowledge of the matter]," revealed Bloomberg.

RedMart has reportedly reached out to potential buyers including local supermarket chain NTUC Fairprice Co-operative to gauge their interest.

"RedMart, founded in 2011, would also consider another round of funding instead of an outright sale, the people said. Its $23 million funding round in 2014 attracted new investors SoftBank and San Franciso-based Visionnaire Ventures, as well as existing backers including Saverin, according to its website," Bloomberg stated.

Read the full report here.