Amazon rival Jet.com was launched with a significant amount of funding. Despite that, it couldn’t quite steal market share from the giant that is Amazon. According to a new report, Jet.com is now considering a sale and it’s believed that retail giant Walmart is interested in picking it up. Nothing has been officially confirmed as yet but Jet.com is reportedly believed to be worth as much as $3 billion.
Walmart has recently been making moves to better compete against Amazon in e-commerce. Its Amazon Prime shipping competitor recently went live and it also launched a grocery pickup service. It appears to be dedicated to not allowing Amazon rule the e-commerce space.
Jet.com CEO Marc Lore raised more than $700 million to jumpstart the business and forecasted significant growth but the losses have mounted. The idea to undercut Amazon’s prices by enabling customers to lower costs by adding more items didn’t appear to have worked as well as it might have hoped.
Walmart declined to comment on the report and Jet.com representatives haven’t said anything about a potential deal at this point in time. The whispers are there so something might very well be brewing below the surface, but whether or not the talks yield some result remains to be seen.