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Boxed, the site for buying food and household items in bulk, has turned down a $400 million acquisition offer from Kroger, Bloomberg reports. Earlier this year, word on the street was that Boxed was in talks with Kroger to be acquired for about $500 million. At the time, other retailers were rumored to also be making bids. It seems those other interested parties were Amazon, Target and Costco. However, only Kroger made a bid for Boxed, according to Bloomberg’s source. Boxed, which first launched in 2013, is essentially a Costco competitor. What differentiates Boxed from Costco is the fact that it’s online, offers free delivery and does not require any membership fee. To date, Boxed has raised about $165 million from Bessemer Venture Partners, GGV Capital, Greycroft Partners, First Round Capital and others. It’s reportedly valued at $470 million. I’ve reached out to Boxed and Kroger and will update this story if I hear back. Let's block ads! (Why?) source: http://feedproxy.google.com/~r/Techcrunch/~3/wPMeooy2JCg/ via #PCH3lp by: Megan Rose Dickey

Original Post: https://techcrunch.com/2018/03/08/boxed-reportedly-rejected-400-million-buyout-offer-from-kroger/?ncid=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Techcrunch+%28TechCrunch%29