Bangalore based Ninjacart, an agri-marketing platform has bagged a $35 million (₹250 crore) in investment. The fresh round which takes the total amount raised by the company to about $50 million was led by Accel Partners and Switzerland based Syngenta Ventures.
The round saw the entry of new backers Neoplux, ZIGExN founder Jo Hirao, and HR Capital along with the existing investors Accel India, Nandan Nilekani, Mistletoe and Qualcomm Ventures and venture debt firm Trifecta Capital. The company plans to use the fresh funds to grow their product and tech team apart from expanding themselves to new geographies. It also wants to speed up their supply chain infrastructure using the fresh fund.
Started in 2015 by Thirukumaran Nagarajan, Vasudevan Chinnathambi, Kartheeswaran K K, Sachin Jose, and Sharath Loganathan Ninjacart was started as a grocery delivery company. Now, it connects farmers directly to supermarkets, kirana stores, and standalone shops where they can procure fresh fruits and vegetables, staples and FMCG goods. Operational in the southern part of the country, Ninjacart has partnered with more than 3000 farmers who produce the fruits and vegetables to around 4,000 retailers daily.
Chinnathambi commenting on their plans going forward said, “We are preparing for our launch in Mumbai and Delhi (by early next year) by hiring teams and building out facilities. We are hiring at the leadership level (including VPs) and with multiple cities coming in the process, we need to be robust."
Subrata Mitra, partner, Accel India commenting on the investment said, With the current round of financing we expect them (NinjaCart) to continue to scale rapidly, enter new cities, and enable direct relationships with farmers and shop owners across even more categories."
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