Ninjacart is an Agri-tech platform that helps in connecting farmers with retailers. This platform has raised nearly Rs.250Cr in series B funding that is inclusive of investors mainly Qualcomm Ventures, Mistletoe, Nandan Nilekani and Accel India. This huge funding will be provided by Trifecta Capital, HR Capital, Jo Hirao, Neoplux, Syngenta Ventures and Accel US. The heavy funding will be utilized for expanding Ninjacart market reach across 10 cities, thereby strengthening its product portfolio and overall team strength. Inside sources had mentioned that this major step is a huge support of the business model of Ninjacart along with their exclusive focus on catering to the agri-marketing problem of India and the execution capabilities of the team. The inclusion of a new set of investors is expected to help the company in achieving its goals, thereby expanding its global reach by entering new markets with constant innovation.
Currently, Ninjacart has been operating in Chennai, Hyderabad and Bengaluru. It holds a sourcing network of more than 3,000 farmers throughout South India as well as moves fresh produces from farm to more than 4,000 retailers in lesser than 12 hours on daily basis. Implementation of newer technologies is expected to help the organizations expand their business by accurately targeting the customer base, thereby reaching higher levels. Consumer culture has also been accelerating in the developing regions such as Asia Pacific. Availability of proficient laborers, licenses, regulations and bureaucracy along with other issues have been playing a significant role in the launching and swift running process of the business. Most of all, expansion in new territories though complex, is a major strategy towards expansion of the customer base, helping reap lucrative benefits in future.
In order to increase its profit margins, the platform has taken efforts in pivoting towards newer business models by sourcing fresh vegetables and fruits directly from the farmers, comparatively higher than the local market prices. Soon after this, it would be sold to the local store retailers as well. The heavy investment will be exclusively utilized for launching in new cities, building technology, data science as well as supply chain automation.
Why Leveraging Technology Is A Must For Ninjacart?
Leveraging technology is a must for Ninjacart in order to solve one amongst the hardest agricultural supply chain problems and would further enable merchants and retailers in sourcing fresh produce instantly from the farmers at significant competitive prices. The main aim behind this initiative is to increase the income of the farmers, thereby helping them multiply production within the same acreage, reducing wastage of food as well as introducing competitive prices for retailers showcasing good margins of nearly 40% and ensuring quality foods for all consumers. Along with the funding round, Ninjacart has been taking immense efforts in raising over Rs.310 Cr. This platform has been identified as one amongst the top 11 start-ups in India.