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.