With the continuation of its earlier funding in December 2019, Walmart and the Flipkart Group have made an additional investment in Ninjacart (1), an agritech startup. The value of the investment has remained undisclosed.
As per the company’s statement, the fresh fundings reflect the continued commitment of the group to India’s agriculture and food supply chain segment. It also indicated the strong confidence of Walmart and the Flipkart group on Ninjacart.
The statement added that the follow-on investment further proves the strong executive capabilities of the startup. Moreover, the company claims that it symbolizes its ability to innovate in the fresh food supply chain.
Notably, the company would utilize the latest tranche to ramp up its market reach while adding more offerings into its portfolio. It would also enhance its supply chains for the new customer segments while continuing its innovative work to make it more profitable, efficient, and reliable.
Ninjacart aiming to Disrupt the Fresh Food Supply Chain with its Innovation
During the resultant coronavirus lockdown, Ninjacart launched several initiatives like apartment delivery, a Farm to Fork pilot with Flipkart, Harvest the Farms, customer delivery via food delivery apps, etc. It also launched Foodprint, which is a 100% traceability platform for its products.
While commenting on the development, the CEO of Flipkart Group, Kalyan Krishnamurthy, stated that India’s e-grocery market had observed a massive growth over the past several months. Notably, people are leaning more towards ordering groceries and fresh produce via the internet.
He added that their pilots and current business collaboration with Ninjacart have been encouraging since they leverage technology to meet customers’ changing behavior across India.
Ninjacart, founded in 2015, has the backing of several other investors, including Tiger Global, Accel, Steadview, Tanglin, Qualcomm, Nandan Nilekani, etc.
The Co-founder and CEO of Ninjacart, Thirukumaran Nagarajan, stated that the fresh infusions from Walmart and Flipkart groups take us a step toward their vision. The firm aims to make food safe and accessible to a billion people and disrupt the way it reaches our plates. He added that the team is excited to continue working and investing in the area to positively impact customers’ and farmers‘ lives.