Boxed refuse $400 million purchase offer from Kroger

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According to the Bloomberg reports, “Boxed.com an American online wholesale retailer has refused the $400 million dollars purchase offer from Kroger“.

In an interview with the Bloomberg, the person familiar with this matter said that “Last week, A New York based startup’s board voted to reject the purchase offer from the largest Supermarket chain”

“Boxed was also in a talk with Amazon Inc, Target Corp. and Costco Wholesale Corp. for the purchase, but Kroger was only one who made the offer,” he added.

Kroger and Boxed both declined to comment on this.

But the rejection of Kroger’s purchase offer will put Boxed back on the main business which was highlighted by Chieh Huang, CEO of Boxed, who has previously said that he wants to remain independent and eventually go public.

Boxed has reportedly said that, till-to-date it has raised $165 million from  Bessemer Venture Partners, GGV Capital, Greycroft Partners, First Round Capital and others at the market value of $465 million.

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