Ninjacart will look to expand its customer base, expansion in new cities, and to enhance the efficiency of the local fresh produce ecosystem
Agritech Startup Ninjacart has secured Rs 71.83 crore ($10 million) in a Series C funding round led by Flipkart India and Singapore-based GEC3 along with participation from Minu Kataria.
This capital is the first tranche of the $50 million investment committed by retail giant Walmart in August last year. This funding round was announced in last month, but the amount was not disclosed by the company.
Post the deal, Ninjacart will look to expand its customer base, expansion in new cities, and to enhance the efficiency of the local fresh produce ecosystem. Prior to the latest investment round, the firm had secured $90 million from Tiger Global in April last year.
Founded by Thirukumaran Nagarajan, Kartheeswaran K K, Ashutosh Vikram, Sharath Loganathan and Vasudevan Chinnathambi, Ninjacart enables retailers and restaurants to source fresh produce directly from the farmers at competitive prices and get it delivered at the doorstep.
Ninjakart which is founded in 2016 claims that it has a network of more than 200 collection centers and 1,200 warehouses in India. It also claims to move over 1,400 tons of fresh produce daily from more than 40,000 farmers and supplies to over 60,000 stores across seven cities – Bengaluru, Chennai, Hyderabad, Delhi, Gurugram, Mumbai and Pune.
The Bengaluru-based company buys directly from the farmers and through its network of collection centers and distribution hubs, it supplies straight to the retailers. Accel Partners, Steadview Capital, Syngenta Ventures, Qualcomm ventures, and Nandan Nilekani are the other investors in Ninjacart.
