The investment will be used to enhance Ninjacart’s agri-tech platform and spread its reach in new markets
India’s agri tech startup, Ninjacart has reportedly raised $35 million in a series B funding round led by Switzerland’s Syngeta Ventures and U.S.A.’s Accel Partners.
Apparently, the new investors who participated in the round include HR Capital, Neoplux and Trifecta Capital. Existing investors Nandan Nilekani NRJN Trust, Accel India, Qualcomm Venture and Misteltoe also contributed, with RainMaker Group as financial advisor to the funding round.
As per reliable sources, NinjaCart intends to utilize the capital to expand operations to 10 cities, launch over 200 distribution centers and invest in an improved supply chain infrastructure.
According to The Economic Times, Thirukumaran Nagarajan, Co-Founder, Ninjacart, said that the company already has around over 3000 farmers and about 4000 retailers with whom it connects its platform that is spread across five states namely Maharashtra, Karnataka, Tamil Nadu, Andhra Pradesh and Telangana. He said that the company aims to maintain product hygiene by delicately handling batches before being delivered to its collection centers. The firm is investing heavily to ensure that the transportation happens under hygienic conditions.
Founded in 2015, NinjaCart connects farmers to end retailers such as supermarkets, grocery stores and restaurants, who buy vegetables and fruits. It runs a logistics network enabling smooth pickup and drop of farm harvest. The company’s low-cost sourcing and distribution operations manage over 60 tons of farm produce daily, offering farmers 15-20% more revenue than existing market rates.
Vasudevan Chinnathambi, Co-Founder, NinjaCart, was quoted saying that the company is about to launch in Delhi and Mumbai in early 2019, and intends to hire a new team and build improved facilities. He said that the firm will be hiring people for leadership level (including VPs) in multiple cities.
Commenting on the funding, Subrata Mitra, Partner, Accel India, said that the company expects Ninjacart to scale rapidly, enter new markets, and enable direct links between farmers and retailers for diversified product categories.