Jumbotail, NinjaCart raise more as B2B Ecomm finds love
NinjaCart, which connects farmers directly with businesses by cutting out middlemen, issued 300 debentures to Trifecta Capital for a total consideration of Rs 30 crore on October 24, regulatory filings showed.
Jumbotail is in the market to raise nearly $30 million, according to people aware of the matter. Till date, the company has raised $23 million. Separately, US retailing behemoth Walmart, which owns Flipkart, has also committed to investing close to $50 million in NinjaCart, ET reported in August.
ShopKirana also raised a follow-on round from existing investor InfoEdge in the previous quarter, the company disclosed in an earnings call. Jumbotail, which connects kirana (corner) stores with brands and producers, passed a resolution on October 25 to issue 7,732 preference shares at a face value of Rs 30 and a premium of Rs 18,336 per share to Nexus Ventures, regulatory filings showed. Its other backers include Heron Rock, Capria Fund, and Kalaari Capital.
The company, which offers supply chain capabilities as well as credit and payment solutions to store owners, reported consolidated revenue of Rs 244.50 crore on a loss of Rs 66.27 crore in the fiscal year ended March 31. NinjaCart, which connects farmers directly with businesses by cutting out middlemen, issued 300 debentures to Trifecta Capital for a total consideration of Rs 30 crore on October 24, regulatory filings showed.
The debt, taken on by parent 63Ideas Infolab, will largely go towards building warehousing and fulfilment assets, cofounder Thirukumaran Nagarajan told ET. The company, which provides a complete supply chain suite through a network of fulfilment centres, also undertook a buyback of all vested shares of employees who chose to sell, last month. “Emerging companies, retail giants like Walmart and Amazon and conglomerates like Reliance Industries, are all optimistic and keen to work with kirana stores,” said Sumit Ghorawat, cofounder, ShopKirana.