Bangalore-based startup, Ninjacart on Monday said it has raised Rs 37 crore (US $5.5 million) in series B funding from investors, including Accel Partners, Nandan Nilekani’s NRJN Trust, Mistletoe, Qualcomm Ventures and M&S Partners.
Ninjacart, which about 1,000 farmers sell fruits and vegetables to shops and restaurants in Bengaluru, aims to use the funds to step up hiring and look at increased automation of its supply chain.
“We want to build cost efficient, reliable supply chain that can handle more than 300 tonnes a day. Currently, we are moving 60 tonnes of produce a day from farm to store in less than 14 hours at a cost lower than traditional supply chains,” said CEO & Co-founder of Ninjacart, Thirukumaran Nagarajan.
Ninjacart, which picks up produce from farmer’s fields and delivers it to the doorstep of businesses, pegs its USP on freshness and quality of the more than 80 fruits and vegetables on its platforms.
Ninjacart, brainchild of Sharath Loganathan, Thirukumaran Nagarajan, Kartheeswaran K K, Ashutosh Vikram, Sachin Jose and Vasudevan Chinnathambi was founded as a hyper-local grocery delivery company in 2015 soon after six months, it shifted to the B2B buying space.
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.