Ninjacart raises an additional $9 million from Mainstreet Digital, STIC
Thirukumaran Nagarajan, Co-founder and CEO Ninjacart

63Ideas Infolabs Pvt. Ltd which operates business-to-business (B2B) marketplace for agricultural produce, Ninjacart has raised $9 million from Asian investors STIC and Mainstreet Digital.

Ninjacart board has passed a special resolution to approve the allotment of 1,319 Series D preference shares at an issue price of Rs 5.3 lakh per share to raise Rs 69.8 crore ($9 million). Both Mainstreet Digital and STIC have invested Rs 37.5 crore each, according to regulatory filings obtained by VCCircle.

Prior to this round, Ninjacart has previously raised $145 million (Rs 1,095 crore) from US retail giant Walmart Inc, and its Indian e-commerce arm Flipkart in December 2021.

Set up in 2015, Ninjacart started as a hyperlocal grocery delivery service before transitioning to a business-to-business (B2B) model. The startup's platform is used to sell fresh produce directly to businesses.

In January, the company hosted a Rs 100 crore (about $13.4 million) employee stock ownership (Esop) programme. Current and past workers having vested Esops as of December 2021 are eligible to sell all of them.

In December 2019, Walmart and its Indian e-commerce arm Flipkart invested in Ninjacart. They did a follow-on round of funding in October last year. It also secured $90 million from US-based investment firm Tiger Global Management in April 2018.

Ninjacart has also launched a seed fund of $25 million (around Rs 187 crore) to back new-age startups in the agriculture space. In March, Ninjacart bought SaaS (software-as-a-service) based end-to-end solutions provider Tecxprt for an undisclosed amount.

According to its website, Ninjacart delivers more than 1,400 tonnes of fresh produce per day in more than 20 states and 17,000 retail stores. The startup competes with the likes of Gramophone and Krishfy, among others. 

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