NinjaCart in advanced talks to raise $20-25 million
NinjaCart’s new funding round will be led by Accel Partners and at least one new investor is expected to come on board
Mumbai: NinjaCart, a marketing and delivery platform for agriculture produce, is in advanced talks to raise $20-25 million from existing investor Accel Partners and new investors, two people close to the development said. The new funding round will be led by Accel and at least one new investor is expected to come on board, the people mentioned above said on condition of anonymity.
Existing investors of NinjaCart, run by Bengaluru-based 63Ideas Infolabs Pvt. Ltd, include Singapore-based M&S Partners, Qualcomm Ventures and Nandan Nilekani’s NRJN Trust and Mistletoe. Till date, the company has raised $13.6 million over three funding rounds, according to data from Crunchbase. NinjaCart raised $1 million in venture debt from Trifecta Capital in March.
The platform 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 pickup and drop of farm produce.
The company’s low-cost sourcing and delivery operations handle more than 60 tonnes of produce every day. It claims to help farmers realize 20% more revenue than the existing market.
Founded in 2015 by Thirukumaran Nagarajan, Ashutosh Vikram, Kartheeswaran K.K., Sachin Jose and Sharath Loganathan, NinjaCart started as an on-demand grocery delivery service and later pivoted to a business-to-business agri-marketing platform.
The six members of its founding team have earlier worked in companies like TaxiForSure, Ola, Commonfloor and Verizon.
The team includes Loganathan and Thirukumaran Nagarajan, graduates from the Indian Institute of Management, Kozhikode, who previously developed EduRat, an education information platform based out of Chennai, and location-based social network application Shout App.
NinjaCart competes with other agriculture-focused startups in this segment including IvyCap Ventures-backed Reuters Market Light. There are usually three or four layers of agents, dealers and distributors between farmers and the farm inputs they want to buy. NinjaCart’s model eliminates various middlemen in the sourcing process.
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