Ninjacart, a Bangalore-based startup that operates a business-to-business (B2B) agri-marketing platform, has raised Rs 7 crore in venture debt funding from Trifecta Capital.
The newly raised capital will now be used by the company to invest in capital expenditure and strengthen the supply chain infrastructure of the company.
Commenting on this, Nilesh Kothari, Co-Founder of Trifecta Capital, said,
At Trifecta, we have always been mindful of the opportunity in F&V logistics. Ninjacart has done a great job in delivering fresh produce to retailers efficiently while removing non-value-adding middlemen to improve the earnings realised by farmers. We are excited to help them get even bigger and better in their journey, as they use our debt to invest in fulfillment, collection and distribution centres.
NinjaCart was founded in May 2015 by the former head of TaxiForSure, Thirukumaran Nagarajan, along with Vasudevan Chinnathambi, Kartheeswaran K K, Sachin Jose and Sharath Loganathan. Initially, it worked as an on-demand grocery delivery company and later pivoted to an end-to-end B2B agri-marketing platform.
The company picks up the produce from farmer’s fields and delivers it to the doorstep of the business. The company has perfected its sourcing and operations for achieving scale and lowering costs.
Trifecta Capital, which commenced its operations in the year 2015, the firm has invested in over 25 companies, including PaperBoat, Rivigo, Big Basket, Urban Ladder, UrbanClap, Box8, Livspace, Cure.Fit and IdeaForge, among others.
Other notable players in the Indian agri-tech space include Waycool, Gold Farm, CropIn, Aibono, among others. It will be interesting to see how NinjaCart will disrupt this agri-tech space.