B2B marketplace NinjaCart raises fresh funds from Accel

Online B2B marketplace NinjaCart raises funds from Accel
Online B2B marketplace NinjaCart raises funds from Accel

NinjaCart, India’s largest agri-marketing platform has raised ₹33.70 crores ($4.9 million) in a fresh funding round from its existing investors. The round was led by Accel Partners, along with Infosys co-founder Nandan Nilekani‘s NRJN Trust. Another investor that took part in this round was Japanese investor Mistletoe.

As per sources, this funding round is yet to be closed, and NinjaCart is in talks with other investors. The identity of the investor and the amount to be raised remains undisclosed.

After the funding, NinjaCart is valued at around ₹206-227 crores ($30-33 million). The company had earlier raised ₹37 crores ($5.5 million) from Accel Partners, NRJN Trust, Mistletoe, Qualcomm Ventures, and M&S Partners in April 2017. More recently, it had raised nearly ₹7 crores ($1.1 million) in venture debt funding round from Trifecta Capital.

Bengaluru-based B2B marketplace NinjaCart was founded by Ashutosh Vikram, Kartheeswaran K K, Sachin Jose, Sharath Loganathan, along with Thirukumaran Nagarajan in July 2015. The platform lets farmers sell their vegetables and fruits directly to the retailers, shops and restaurants, helping them realize 20% more revenue than the existing market.

Sinc there are no middlemen involved, it also benefits the retailers who get the produce at 5-10% lesser prices, making everyone from the farmer to the consumer happy.

NinjaCart provides a one-stop-sale solution from doorstep delivery to prompt payment options. It also provides the last-mile delivery to the end-buyers. The company is currently operational in Bengaluru and Chennai, as per the company website.

The company had increased its revenue nearly ten-fold from ₹2.69 crores to ₹26.57 crores for the financial year 2016-2017. Its gross expenditure also rose nearly seven-fold to ₹45 crores from ₹5.9 crores from the previous year. The company’s loss had also risen to ₹21.5 crores in the financial year 2016-17 from the previous ₹3.1 crores.

Other players operating in the B2B commerce space include Lal10, an online marketplace that connects artisans with bulk buyers, Wholesalebox, an online wholesale marketplace.

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