Agri-market startup Ninjacart has raised $5.5 Million (Rs 37 Crore) of Series B Funding. The funding round was led by existing investors Accel Partners and Infosys co-founder Nandan Nilekani’s NRJN Trust. The funding round was also supported by Japanese investor Mistletoe, Qualcomm Ventures and M&S Partners.
The Bangalore-based startup was founded in July 2015 by Ashutosh Vikram, Kartheeswaran K K, Sharath Loganathan, Thirukumaran Nagarajan. Ninjacart is India’s Leading B2B agri-marketing platform that connects farmers to businesses. They enable farmers and producers to sell directly to retail stores by providing a selling platform and assisting in warehousing and fulfilment.
Thirukumaran Nagarajan, CEO of Ninjacart, said: “In the last one year, we relentlessly focused on building a cost-efficient, reliable and scalable supply chain that can handle 300plus tonnes a day. We overhauled our entire organisation and systems, keeping cost and speed at the centre. Today, we move 60-plus tonnes of produce a day from farm to store in less than 14 hours at a cost lower than traditional supply chains.”
Earlier in March 2016, Ninjacart has raised $3 Million of Series A funding from Existing investors. The total equity funding of the startup is to $8.74 Million. Ninjacart connects over 1,000 farmers to 500 retailers and restaurants in Bengaluru and plans to expand its reach to 2,000 businesses going forward. The platform has also reduced wastage to as low as 4% when compared to 30% which is typically seen in traditional supply chain apparatus.
Commenting on the investment, Nandan Nilekani, the founder of NRJN Trust, said: “Ninjacart aims to solve a much-neglected problem specific to India. The team’s strong technology-first thinking enables the fruits and vegetables supply chain to be extremely cost efficient, thus improving farmer earnings and living standards.”
The similar startups from the same category are MeraKisan, Agrostar, Vegfru, Lemon Leaf, DayBox, etc. Previously, another AgriTech startup AgroStar has also raised Series B Funding from IDG Ventures.
The startup will use the newly raised funding to expand its team and invest in supply chain automation, technology and data science. Read more about Indian Startup Ecosystem.