Agri-tech platform Ninjacart raises $35 Mn in Series B funding led by Accel US, Syngenta Ventures

Agri-tech platform Ninjacart raises $35 Mn in Series B funding led by Accel US, Syngenta Ventures

Ninjacart is India’s leading agri-tech platform that connects farmers to retailers.

Bengaluru, 12 Dec, 2018. RedNewswire/-

Ninjacart has raised $35 million in Series B funding round led by Accel Partners (US) and Switzerland-based Syngeta Ventures, the company said in a statement on Wednesday.

All existing investors including Accel India, Nandan Nilekani, Mistletoe and Qualcomm Ventures also participated in this round. The RainMaker Group acted as the sole advisor to Ninjacart for this funding round.

Founded in 2015, Ninjacart is a Bengaluru-based start-up founded by former TaxiForSure executives, Thirukumaran Nagarajan, Kartheeswaran K K, Ashutosh Vikram, Sharath Loganathan and Vasudevan Chinnathambi.

NinjaCart is a platform that connects farmers to end retailers such as grocery stores, supermarkets and restaurants that buy fruits and vegetables. It runs a logistics network that enables swift pick-up and drop of farm produce.

NinjaCart, run by Bengaluru-based 63Ideas Infolabs Pvt. Ltd, plans to use the raised funds to expand its market reach to 10 cities, strengthen the product/ technology team, ramp up its headcount by 1,200 people and scale up its supply chain infrastructure with over 200 collection/ distribution/ fulfilment centres from 60 at present, in the next 18 months.

Ninjacart currently operates in Bengaluru, Hyderabad and Chennai, with a team of 800 people. It has built a sourcing network of over 3,000 farmers across South India, and moves fresh produce from the farm to over 4,000 retailers in less than 12 hours on a daily basis.

Thirukumaran Nagarajan, CEO and co-founder of Ninjacart said, “This is a huge validation of Ninjacart’s business model, our relentless focus on solving India’s agri-marketing problem and the team’s execution capabilities. We are thrilled to have a new set of global investors who can amplify our vision. Our focus will be on expanding to new markets and continuing to innovate on behalf of our farmers and customers.”

“We are committed to supporting innovation that improves the livelihood and economic security of farmers across the globe,” said Shubhang Shankar, investment manager at Syngeta Ventures.

“With the current round of financing we expect them (NinjaCart) to continue to grow rapidly, enter new cities and enable direct relationships with farmers and shop owners across even more categories,” according to Subrata Mitra, partner at Accel India.

NinjaCart competes with other agriculture-focused startups, including Gurugram-based CroFarm and IvyCap Ventures-backed Reuters Market Light, among others.

 Ninjacart has now raised a total of Rs 310 crore. It has been identified as one of the top 11 Indian start-ups to enable $50 billion in online commerce by Google, Bain and Omidiyar.

Featured image source