Stock Analysis, IPO, Mutual Funds, Bonds & More

Ninjacart gets Rs 20 crore from Accel partners to fight for farmers

The Bengaluru-based startup helps supermarkets and kirana stores source fresh fruits and vegetables, staples and FMCG goods directly from farmers and brands.

, ET Bureau|
Updated: Mar 07, 2016, 05.17 PM IST
BENGALURU: Ninjacart, an online platform that connects farmers and brands to retailers, has raised Rs 20 crore in a funding round led by Accel Partners.

The round also saw participation from Qualcomm Ventures, Singapore-based M&S Partners and ZopSmart, the parent of online grocer ZopNow.

The Bengaluru-based startup, which helps supermarkets and kirana stores source fresh fruits and vegetables, staples and FMCG goods directly from farmers and brands, will use the cash to hire talent, invest in supply chain infrastructure and technology.

"Due to marginal farming, poor logistics and zero market information, a number of middlemen get involved in sourcing the produce from farmers to markets," said Thirukumaran Nagarajan, chief executive officer at Ninjacart. "As a result, the farmer gets only one fourth of what the consumer pays."

Ninjacart is trying to solve these problems by bridging the gaps so that the farmer gets a good value for his produce and the stores get quality goods at competitive prices, he added.

"B2B fresh and staples is a multibillion dollar category," said Subrata Mitra, partner at Accel Partners.

"It's highly unorganised and inefficient. Ninjacart is using tech and ops innovation to drive efficiencies in this unstructured marketplace."

Grocery accounts for over 70% of India's total retail market of $350 million, according to a recent report by India Infoline. Organised brick-and-mortar grocery retail has only a 3.4% market share.

In 2 months, Nanjacart is supplying more than 15 tons of vegetables and fruits daily to over 120 retailers. The company is growing 30% every week with a monthly revenue of Rs.1.2 crore and no credit sales.

Ninjacart was founded by Nagarajan, Sharath Loganathan, Kartheeswaran K K, Ashutosh Vikram, Sachin Jose and Vasudevan Chinnathambi, who have previously worked with companies like Taxiforsure, Ola, Commonfloor and Verizon in May 2015 as a hyperlocal grocery delivery company.

After six months of operation Ninjacart pivoted its model to become a full-fledged marketplace, changing the way kirana stores and supermarkets source their supply.

“The founding team was part of the product team at TFS and influenced the business at TFS significantly. Given their learning in TFS and their ability, I am confident that they would disrupt the Vegetable and Fruits supply chain” said Raghunandan G, cofounder of TaxiForSure, mentor and advisor of the team.

Also Read

Walmart, Flipkart invest in Ninjacart

Walmart, Flipkart invest in Ninjacart

Walmart likely to soon put $50 million into NinjaCart

Jumbotail, NinjaCart raise more as B2B Ecomm finds love

Amazon in talks with NinjaCart to put funds in fresh produce space

Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links

Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service