Walmart-Backed Ninjacart Invests In Philippines’ Agritech Firm Mayani

Walmart-backed agritech company Ninjacart has made a strategic investment in Philippines-based agri-fisheries startup Mayani.

However, the company did not disclose the financial terms of the deal.

As part of the deal, Ninjacart will not only deploy capital but also offer supply chain support and advisory services to fuel Mayani’s innovation and growth trajectory, the startup said in a statement.

Ninjacart will also support Mayani’s expansion efforts and jointly establish an integrated Asian agri-food supply chain that would catalyse more digital innovations geared to address Asia’s complex food basket, it added.

Founded by Ochie San Juan and Jeff Barreiro, Mayani caters to farmers and fisherfolk by offering them avenues to increase yield as well sustainable pathways to market via through quality inputs and alternative credit. It claims to have a network of 1.44 Lakh farmers in the Southeast Asian country.

The startup counts AgFunder, ADB, Plug and Play Ventures, Ocean Impact, and Atlas Ventures among its other investors.

The fresh investment has been facilitated through its venture capital arm Ninja Ventures as a part of the global expansion plans. The partnership will focus on identifying and addressing global food supply gaps, leveraging cross-border opportunities to amplify Mayani’s market presence, the statement said.

Ninjacart’s cofounder and CEO Kartheeswaran K K, said, “Our investment in Mayani reflects our unwavering commitment to revolutionise global agri-commerce. By bridging the expertise of two agricultural powerhouses, India and the Philippines, we aim to create a transformative impact and unlock new opportunities in the Asian agri-commerce landscape and beyond.”

Juan added, “The strategic additionality beyond capital, coupled with Ninjacart’s deep understanding of the Asian agri-supply chain, excites us about this investment. It strengthens the locus of our business, which is tech-enabled output market linkage, that further reinforces our upstream interventions on climate-positive inputs and rural financing.”

Mayani will integrate Ninjacart’s advanced technology, source traceability, and inventory management solutions to achieve interoperability, hyper-efficiency, predictive modeling, and to enhance its supply chain efficiency.

As per Ninjacart, the deal coincides with follow-on funding from existing investors, including the Jimenez family, after Mayani’s successful $1.7 Mn seed round led by AgFunder in 2023.

Ninjacart has been on a global expansion spree. Last year, the agritech business announced its entry into the Brazilian market through a partnership with Arado, an agribusiness marketplace in Brazil.

For FY23, Ninjacart saw its operating revenue cross the INR 1,000 Cr mark. The B2B agritech startup reported sales of INR 1,153.4 Cr during this period, an increase of 19% from INR 967.3 Cr in FY22.