Bengaluru: Ninjacart, a business-to-business marketplace that connects farmers and brands to retailers, run by 63Ideas Infolabs Pvt. Ltd, has raised $3 million from venture firm Accel Partners and Qualcomm Ventures, M&S Partners (Singapore) and Zop Smart to expand its team and invest in technology.
The news was first reported by the Economic Times.
The company started in May 2015 as a hyperlocal grocery delivery company, but changed to its business model after six months, and currently works with about 120 retailers, and claims a monthly revenue of ₹ 1.2 crore.
“Due to marginal farming, poor logistics and zero market information there are numerous middlemen involved in getting the produce from farmers to markets. The farmer gets only one-fourth of what the consumer pays. We try to solve these problems by bridging the gaps so that the farmer gets a good value for his produce and the stores get quality goods at competitive price,” said Thirukumaran Nagarajan, chief executive officer, Ninjacart, in a statement.
“B2B fresh and staples is a multi-billion dollar category. It’s highly unorganized and inefficient. The founding team at Ninjacart has the right balance of technology and operations expertise to drive efficiencies in this unstructured marketplace,” said Subrata Mitra, partner at Accel Partners.
