B2B agritech startup Ninjacart closes series C round after raising $10 million

Jindal
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Ninjacart, a Bengaluru-based B2B agritech startup has bagged $10 million (approx ₹70 crore) funding at the end of its Series C round from a group of investors. The closing round also witnessed existing investors like Tiger Global, debt venture fund Trifecta Capital, Tanglin Venture Fund, including others.

The company will use this investment to expand its supply chain and warehousing capacity.

According to the sources, cited by Inc42, both Tiger Global and Tanglin Venture Fund have invested about $2.9 million each in the agritech platform.

“At present, we run 500 small trucks and 150 big trucks, now we need to grow our capacity by 10-20 times to include 5000 small trucks and 1000 big trucks,” Thirukumaran Nagarajan, co-founder at Ninjacart said.

“Currently, we are in seven Indian cities including Bengaluru, Chennai, Hyderabad, Delhi NCR, Pune, Ahmedabad, and Mumbai. With these new fundings, we want to expand our reach in three more cities from northern and western parts of India,” he added.

Ninjacart, based out of Bengaluru, was founded by Nagarajan, Kartheeswaran K K, Ashutosh Vikram, Sharath Loganathan and Vasudevan Chinnathambi in 2015.
The company picks up the produce directly from the farmer’s fields and delivers it to the businesses. The platform claims to have perfected its sourcing and operations for achieving scale and lowering costs.
It also claims to source fruits and vegetables from farmers across more than 20 Indian states and deliver to over 17,000 local kiranas and restaurants in seven Indian cities daily.

Till date, the company has secured a total funding of around $54.72 million. Other existing investors in the company include Accel Partners, Qualcomm Ventures, and Milestone.

On the other hand, some of the notable players in the agritech field includes Farmtaaza, Crofarm, FarmLink, Krishihub, and Sabziwala.

Adding on, another agritech startup FreshoKartz, recently, raised an undisclosed amount in its seed funding round from Sunil Kumar Singhvi, with group of angel investors.

While, Waycool, falling under the similar above category of startups, raised $16.9 million as a combination of equity and debt from LGT Impact, and others prominent investors.

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