Ninjacart has received a new round of funding from Flipkart and Walmart
Ninjacart has received a new round of funding from Flipkart and Walmart to regulate the agricultural ecosystem and provide economic opportunities for India’s farmers.
Ninjacart has raised US$145 million in its third round of funding. This is India’s largest agri-tech deal. Flipkart India and Walmart today announced a new round of joint strategic investment in Ninjacart, which is reorganising India’s fresh produce sector. Flipkart and Walmart’s US$145 million investment further supports and enhances Ninjacart’s mission of providing better access to high-quality fresh produce for more merchants and consumers across India, while also creating economic possibilities and higher wages for Indian farmers.
Ninjacart’s mission to build technology and infrastructure to organise, empower, and better the lives of millions of agri value chain participants, including farmers, resellers, retailers, consumers, and supply chain partners, will be accelerated by this funding.
Over the last two years, Ninjacart has made major investments in technology platforms and supply chain infrastructure.
“As a homegrown company, we have constantly focused on creating the right infrastructure and technological solutions that support local farmers, producers, and food processors. With this investment, we are further able to strengthen our grocery footprint and offering as consumers across the country throng to e-grocery for quality and affordable options in the fresh category. Through technology, we are able to bring great efficiencies in the value chain and create an impact by providing the farming community additional opportunities for better income. Our investment and partnership in Ninjacart over the years is a testament to the continued commitment and success we have seen in our endeavor to create a democratic and organized agriculture market. At Flipkart, we are well poised and committed to building a sustainable ecosystem for fresh produce and uplift the communities associated with it in the process.”Kalyan Krishnamurthy, CEO, Flipkart Group, said.
Flipkart already sells groceries in 1800 cities and villages, with plans to expand to 2,000 more by the middle of next year. The expansion will include fresh fruits and vegetables, with the company investing in technology to assure the highest and most stringent quality checks for the final consumer. Flipkart is also aiming to make the community e-grocery shopping concept more efficient. Farmers across the country will benefit from the company’s increased focus on partnering with Farmer Producer Organizations (FPOs) to give access to high-quality fresh fruit, staples, pulses, and spices, as well as new revenue opportunities.
Digitisation can help to ensure the quality of food from the fledgling stage and throughout the agricultural life cycle, as Flipkart and Ninjacart extend their relationship to support local farming communities. Furthermore, both Walmart and Flipkart have a history of supporting farmers’ lives. Additionally, the Walmart Foundation committed $25 million over five years in 2018 and has already provided $15 million in grants to fund farmers market access programmes.
Ninjacart collaborates closely with farmers and has assisted over 1,00,000 farmers in 150 villages to increase their income. Ninjacart’s cutting-edge supply chain technology has aided in the resolution of some of the most difficult issues, such as inefficient distribution and price risk. Our goal is to reach out to every farmer in the country with our digital solutions and assist them in improving their life.
“Thanks to our employees, farmers, retailers, and all ecosystem players. The funds will enable us to dream beyond organizing the farmer-to-retailer ecosystem to a much larger goal of organizing the complete agro ecosystem and enabling transparent commerce. We are ecstatic that Flipkart and Walmart continue to partner with us in making this vision a reality by believing in our technological expertise and core values. India is at a cusp of formalizing the agriculture industry, with the advent to better road connectivity, GST, seamless payments, digital infra tremendous opportunity to organize our agri ecosystem landscape like never before. We are investing in this huge potential to create value. The funds will be deployed to build world-class teams, scalable tech platforms to organize and grow the network.”Thirukumaran Nagarajan, Co-founder, and CEO, Ninjacart, said.
Ninjacart has been one of the top players in the agritech market since 2015, introducing cutting-edge technology to the agri supply chain to boost efficiency. Ninjacart and the Union Ministry of Agriculture & Farmer Welfare signed a Memorandum of Understanding earlier this year to increase market linkages and promote best practices in the farming sector. Ninjacart’s role is to develop and host the Agri Marketplace Platform (AMP), which will allow farmers to receive a fair price for their produce, as well as provide better food to consumers and value to all stakeholders.