Bangalore-based startup, Ninjacart has raised $3 million from VC firms like Accel Partners and Qualcomm Ventures, M&S Partners and Zop Smart. The B2B marketplace startup will be using the new round of funding for hiring and investing in technology.
Ninjacart, brainchild of Sharath Loganathan, Thirukumaran Nagarajan, Kartheeswaran K K, Ashutosh Vikram, Sachin Jose and Vasudevan Chinnathambi, connects farmers and brands to independent retailers. In 2015, it was founded as a hyper-local grocery delivery company and soon after six months, it shifted to the B2B buying space.
It bridges the gap between the farmers, independent brands and supermarkets, kirana stores and standalone shops in fresh fruits/vegetables, staples and FMCG category. They have an online presence apart from their Android app. It is claimed by the startup that it supplies over 15 tons of vegetables and fruits daily to more than 120 retailers, clocking a monthly revenue of Rs 1.2 crore.
In 2012, India allowed 100 per cent FDI in B2B investments along with some restrictions. After this, many startups in the B2B buying/ selling segment entered India. It also accelerated active investments from both individual investors and venture capitalists.