Ninjacart, a business-to-business marketplace for agricultural produce, has raised money in a follow-on round of funding from US retail giant Walmart Inc and its Indian e-commerce arm Flipkart.
The Bengaluru-based firm, as per a press statement, will utilise the capital to expand to new markets and build new offerings and supply chains for emerging customer segments.
"The e-grocery market in India has seen tremendous growth over the past several months as people have increasingly taken to ordering groceries and fresh produce online," said Kalyan Krishnamurthy, CEO at Flipkart Group.
The sum invested was not disclosed.
Ninjacart says it introduced several initiatives during the initial months of the pandemic to help clients.
Ninjacart will continue to play a key role in providing fresh produce as Flipkart grows its Supermart (grocery) and Flipkart Quick (hyperlocal business).
Ninjacart, operated by 63Ideas Infolabs Pvt Ltd, was founded in 2015. It began as a hyperlocal grocery delivery company and then shifted to a business-to-business setup.
Farmers can sell vegetables and fruit directly to business establishments such as shops, retailers and restaurants via the startup’s platform.
Ninjacart has raised more than $150 million so far overall. Its other investors include venture capital firms Accel, US-based Qualcomm Ventures, Russia’s HR Capital, Japanese venture capital firm-cum-accelerator Mistletoe, Infosys co-founder Nandan Nilekani’s NRJN Trust and South Korea-based Neoplux, the venture arm of Doosan Corp.
Ninjacart is among the several startups in the broader agri-tech sector to have received interest from strategic players and investors, especially social-impact backers.
Last week, Ergos Business Solutions Pvt Ltd raised its Series A round of funding from Chiratae Ventures and existing investor Aavishkaar Capital.
Krishitantra, a soil-tech platform, also recently raised $1 million (Rs. 7.6 crore) in its seed round of funding from agritech-focused venture capital investor Omnivore and Nabventures.
In June, agri-tech startup Concinnity Agro2o Pvt. Ltd raised funding from Mumbai Angels Network.