Ninjacart Closes Its Ongoing $100Mn Series C Round From Tiger Global

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NinjaCart is currently in the center of meeting its $100 million investment funding round led by New York-based venture company “Tiger Global Management.” According to three sources aware of the community, who chatted on the state of anonymity. The startup’s newest funding round, which ended in April, also saw hedge fund Steadview Capital finance an undisclosed sum. ABG Capital also funded an amount of $441.7K  to acquire 101 shares in the agritech company.

Ninjacart was established by Nagarajan, Kartheeswaran KK, Ashutosh Vikram, Sharath Loganathan and Vasudevan Chinnathambi in the year 2015. The Agri based startup collects up everyday goods like fresh vegetables, fruits straight from the farmer’s fields and supply it to the big as well as businesses of nearby cities. The startup claims to have achieved its sourcing and operations for achieving scale and lowering costs. Till now, Ninja cart has raised total funding of around $54.72 Mn. Other existing investors in the company involve Accel Partners, Qualcomm Ventures, and Milestone.

According to different media reports, Tiger Global and Tanglin Venture Fund have financed about $2.9 Mn each in the Ninjacart Agri based startup. NinjaCart’s chief Thirukumaran Nagarajan had stated that their Bengaluru based startup was already providing 25,000 tonnes of fresh fruits, vegetables, and groceries on a regular monthly basis. The Agri based startup sources produce from more than 170 villages, while also supplying their services to local Indian shop, stores, and vegetable pushcart vendors. NinjaCart is currently existing in seven cities of India, and has till date has allocated over $140 million. It includes Accel Partners in the US and in India.

Meanwhile, Amazon has invested $500 million into the food retail sector. According to administrative filings sourced from different media sources, Amazon Retail India collected Rs 240 crore, mainly from existing shareholder Amazon Corporate Holdings, a Singapore-based entity engaged in food retail over the Asian region. Amazon had first said that the group expects groceries and consumables to supply more than half to its India business over the next five years. In order to meet this demand, Amazon is in exploratory talks with NinjaCart to make an expenditure in the Bengaluru-based fresh produce supply chain company.