Walmart, Flipkart Infuse Second Tranche Of Ninjacart Strategic Investment

Walmart, Flipkart Infuse Second Tranche Of Ninjacart Strategic Investment

SUMMARY

In December 2019, Walmart and Flipkart had announced a joint strategic investment in Ninjacart

Ninjacart plans to use the capital to expand to new markets and build new offerings and supply chains for emerging customer segments

The transaction is expected to close by the end of October 2020

Ecommerce major Flipkart and its US-based parent Walmart have jointly invested an undisclosed amount, their second, in fresh produce supply chain startup Ninjacart.

This comes after Ninjacart had raised INR 71.83 Cr in Series C funding round led by Flipkart India and Singapore-based GEC3 in January. In December 2019, Walmart and Flipkart had announced a joint strategic investment in Ninjacart.

Ninjacart plans to use the capital to expand to new markets and build new offerings and supply chains for emerging customer segments.

The transaction is expected to close by the end October 2020, Flipkart said in a press note.

“We will continue to make investments to offer the best produce to our customers and support livelihoods and sustainable growth for local farmers, producers and the supply chain ecosystem. Our pilots and current business engagement with Ninjacart have been encouraging as we leverage technology to address changing consumer behaviour across the country,” said Kalyan Krishnamurthy, CEO, Flipkart Group.

Ninjacart was founded in May 2015 by Thirukumaran Nagarajan, Sharath Loganathan, Sachin Jose, Kartheeswaran KK and Vasudevan Chinnathambi. It is an agritech startup that sources groceries, fruits and vegetables directly from farmers and then, supplies these to supermarkets and kirana stores. Ninjacart is backed by investors such as Tiger Global, Accel, Tanglin, Steadview, Syngenta, Nandan Nilekani and Qualcomm among others. 

Ninjacart has also moved into the fast-moving consumer goods (FMCG) segment by procuring from big brands and selling to store owners and other resellers. Ninjacart claims to move over 1,400 tons of fresh produce per day.

It claims to source fruits and vegetables from farmers across more than 20 Indian states and delivers to over 17K local kirana stores and restaurants in seven Indian cities daily — Chennai, Hyderabad, Mumbai, Ahmedabad, Bengaluru, Delhi NCR and Pune.

In November 2019, Ninjacart also raised INR 30 Cr debt funding from Trifecta Capital. According to the Ministry of Corporate Affairs Fillings, accessed by Inc42, Ninjacart has allotted 150 debentures to Trifecta Capital for INR 15 Cr as part of Series C and the same for Series D as well, raising the debentures to 300 for INR 30 Cr.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Walmart, Flipkart Infuse Second Tranche Of Ninjacart Strategic Investment-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Walmart, Flipkart Infuse Second Tranche Of Ninjacart Strategic Investment-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Walmart, Flipkart Infuse Second Tranche Of Ninjacart Strategic Investment-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Walmart, Flipkart Infuse Second Tranche Of Ninjacart Strategic Investment-Inc42 Media
Walmart, Flipkart Infuse Second Tranche Of Ninjacart Strategic Investment-Inc42 Media
You’re in Good company