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Agri-tech platform Ninjacart has received an investment of ₹ 625 crore from Tiger Global, its biggest investment in an Indian start-up to date. Post- funding, the Bengaluru-based start-up is valued at $321.8 million.
According to RoC filings by Ninjacart, accessed by business intelligence platform paper.vc, 63Idea Infolabs Private Ltd, which owns and operates Ninjacart, has issued Series C compulsorily convertible preference shares and equity shares.
Farmer-retailer connect
“Ninjacart’s latest financing round gives it a post-money valuation of $321.8 million, almost four-fold increase from its Series B valuation. Tiger Global’s stake in Ninjacart is 26.47 per cent,” said Vivek Durai, founder, paper.vc.
Launched in 2015, Ninjacart connects farmers with retailers. The platform moves 350 tonnes of fruits and vegetables from a sourcing network of 4,500 farmers to 9,500 retailers in Bengaluru, Chennai and Hyderabad in less than 12 hours, every day. This is enabled through a network of collection, fulfilment and distribution centres.
The start-up has expanded its supply chain operations to Delhi, Mumbai and Pune. It recently hired 600 people across the three locations to handle sales, procurement, category management, operations and logistics.
Ninjacart raised ₹250 crore in a Series B funding in December 2018. The start-up has raised a total of ₹ 935 crore, inclusive of the latest financing.
Kartheeswaran KK, co-founder Ninjacart, talking to BusinessLine last month, said: “We are profitable in Bengaluru and will achieve operational profitability in Chennai and Hyderabad in the next six months. Our overall headcount will increase from 1,200 at present to 2,000 plus by the year end.”
The start-up is bolstering its platform capabilities to move 1000 tonnes of fruits and vegetables per day from 350 tonnes.
Backed by investors such as Trifecta Capital, Accel Partners, Qualcomm Ventures and Nandan Nilekani NRJN Trust, Ninjacart aims to increase farmers’ incomes, reduce food wastage, introduce competitive prices for retailers and ensure superior quality food for all consumers. It has been identified among top 11 Indian start-ups to enable $50 billion online commerce by Google, Bain and Omidiyar.
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