SYDNEY, AUSTRALIA: Rewardle Holdings Limited (ASX:RXH) has announced its acquisition of Your Grocer Pty Ltd, a former e-commerce grocery retailer in metropolitan Melbourne.
Rewardle, a software business that operates its proprietary B2B2C software platform, will take on YourGrocer’s assets, liabilities, and ongoing operational obligations for approximately $3,000 funded from operating cash flow.
Although YourGrocer ceased operations and commenced an orderly wind-up of its business in December 2022, its assets and ongoing operating obligations align with Rewardle’s growth strategy. Rewardle intends to relaunch and integrate YourGrocer as part of its regular operational updates.
YourGrocer, founded in 2013, was a pioneer of online grocery ordering and delivery in Australia. It allowed customers to order from a marketplace of independent local grocers, fruiterers, butchers, and fishmongers, with deliveries made by the company’s fleet of refrigerated vans.
YourGrocer developed proprietary technology and operating know-how to solve the complex challenges of large-scale grocery delivery, which enabled its team and partners to work smoothly, with minimal overheads while delivering industry-leading levels of customer satisfaction.
However, in late 2022, the company faced a series of operational and funding challenges, which led to the decision to wind up operations.
Rewardle’s Founder and Executive Chairman, Ruwan Weerasooriya, believes that the combination of Rewardle and YourGrocer can create an innovative, local community-powered grocery service.
YourGrocer’s Founder and Managing Director, Morgan Ranieri, expressed excitement at the prospect of continuing the mission of enabling local merchants to connect and transact with their local community. Rewardle is positioned to be a leading player in the worlds of social media, marketing, mobile, and payments, as it connects millions of members with thousands of local businesses across Australia through its Rewardle Platform.
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