Agro-tech Business, Ninjacart Amasses Rs.250 Crores in B-Series Funding

0
62
Agro-tech Business

Nijacart an India based, leading Agriculture and technology platform, which provides services of connecting farmers directly to retailers, has managed to gather Rs. 250 crore in a round of series B funding from numerous investors including Syngenta Ventures of Switzerland, Accel of the US, ZIGExN founder Jo Hirao, Neoplux of South Korea, Trifecta Capital, and HR Capital of Russia among others.

The present investors in the company such as Nandan Nilekani, Accel India, Qualcomm Ventures, and Mistletoe also took part in this round of funding. Simultaneously, the RainMaker Group acted as the sole advisor for Ninjacart throughout the funding process.

Ninjacart, primarily operates in Bengaluru, Chennai, and Hyderabad with a team that is approximately 800 people strong. It has developed a robust network of sourcing for more than 3,000 farmers in the region, and provides fresh produce directly from the farm to more than 4,000 retailers within a time frame of 12 hours every day.

Funding to Boost Skilled Workforce and Infrastructure

The funding is aimed to be utilized to spread Ninjacart’s reach up to 10 cities, enhance the skills and resources of the product and technology team, boost the number of employees by around 1,200 people and expand and strengthen its infrastructure for supply chains with more than 200 collecting, distributing, and sale centers within the coming months.

Thirukumaran Nagarajan, the co-founder and CEO of Ninjacart stated that the success of the funding was a huge boost for the company’s business model, the company’s aims towards resolving India’s major agriculture marketing issues, and superior ability for execution. The company was excited about the inclusion of new international investors, with opportunities to expand the business spectrum. Ninjacart is expected to focus on spreading their presence to new markets and improve services for farmers and consumers.

Ninjacart is a Bengaluru-based start-up that was founded in 2015 by former executives from TaxiForSure, including Thirukumaran Nagarajan, Ashutosh Vikram, Kartheeswaran K K, Vasudevan Chinnathambi, and Sharath Loganathan. The company was initiated as a hyper-local food delivery firm, which drastically changed direction In January 2016, owing to poor profit margins. The new business model involved the sourcing fresh fruit and vegetables directly from farmers at higher than market rate and supplying to retailers.

Ninjacart Aims to Build Up Agricultural Income

Ninjacart makes use of innovative technology to develop solutions for major problems of supply chain in the agriculture sector, allowing retailers and fruit and vegetable merchants to get fresh supplies of produce from the farmers directly at competitive prices. The aim of Ninjacart is to boost farmer incomes by assisting them increasing production in the same space of land, minimizing wastage of food, and create an environment of competitive pricing among retailers who can make better margins of 30-40 per cent thereby ensuring a high quality of food for consumers.

With the addition to this round of funding, Ninjacart has now gathered a total of Rs. 310 crore, Making it one of the foremost Indian start-ups to reach $50 billion in e-commerce.

LEAVE A REPLY

Please enter your comment!
Please enter your name here