Walmart and Flipkart have announced a joint strategic investment in Ninjacart, the supply chain startup working in India’s fresh produce industry to connect farmers with retailers and businesses in the hotels, restaurants and cafes (HoReCa) industry. Ninjacart’s other investors include Accel, Steadview Capital, Qualcomm Ventures, and Nandan Nilekani.
This latest investment into Ninjacart comes after this agritech startup received a $100 million fund infusion from Tiger Global in April this year. A press release issued by Flipkart and Walmart said, “Partnering with Ninjacart will help Walmart and Flipkart strengthen direct sourcing of fresh produce for Walmart India’s Best Price B2B cash-and-carry stores and Flipkart’s online grocery business Supermart.”
Founded in May 2015 by Thirukumaran Nagarajan, Sharath Loganathan, Sachin Jose, Kartheeswaran K K and Vasudevan Chinnathambi, Ninjacart is an agritech startup that sources groceries, fruits and vegetables directly from farmers and supplies these to supermarkets and kirana stores. It’s also moved into the fast-moving consumer goods (FMCG) segment, procuring from big brands and selling to store owners and other resellers.
With the aim of helping farmers get a better price for their produce, NinjaCart controls the entire supply chain in an attempt to reduce food wastage, introduce competitive prices for retailers and ensure quality food for all consumers.
Ninjacart says that it leverages big data, predictive analytics, mobile applications and the Internet of Things to power a just-in-time supply chain that connects farmers to retailers via a network of more than 200 collection centres and 1,200 warehouses across India.
It moves over 1,400 tons of fresh produce per day, having doubled its volumes in the last four months. It claims to source fruits and vegetables from farmers across more than 20 Indian states and delivers to over 17K local kirana stores and restaurants in seven Indian cities daily — Chennai, Hyderabad, Mumbai, Ahmedabad, Bengaluru, Delhi NCR and Pune.
The company claims that its supply chain creates a seamless link between its more than 44K farmer suppliers and its customer base of 60K kirana stores and restaurants across seven cities.
Thirukumaran Nagarajan, CEO and Co-founder of Ninjacart, said, “Ninjacart wants to make food safer and more accessible, while ensuring a fair price for everyone involved. We are excited that Flipkart and Walmart are joining us to make this vision a reality and showing confidence in our technology and business model. With their support, we see new possibilities to improve the lives of our farmers, retailers and restaurant partners.”
On the investment made into Ninjacart, Kalyan Krishnamurthy, CEO, Flipkart Group, said, “As a homegrown ecommerce company, it is in our DNA to drive change and solve complex local problems in-house through technology. Developing Flipkart Supermart over the past year, we have focussed on creating the right infrastructure, supporting local farmers, producers, and food processors, and building sustainability into the ecosystem, all while creating thousands of new jobs and bringing quality, convenience and value to consumers. In Ninjacart, we see a company that shares our values, our pioneering mindset and our commitment to tech-driven innovation that improves life in India.”
Krish Iyer, President and CEO, Walmart India said, “Our new partnership with Ninjacart will help us create more opportunities for smallholder farmers and boost rural incomes while also improving access to high-quality produce for all our members including kiranas, hotels, restaurants and businesses around India.”
Under this agreement, which is expected to close by the end of this year, Walmart, Flipkart, and Ninjacart will ensure that there is better access to high-quality fresh produce for the retailers and consumers while it also creates more economic opportunities for the farmers.
You might also like
More from Entrepreneur
Online cosmetics and beauty products retailer Purplle has raised $8 Mn in Series C funding round from Belgium-based investment firm …
Online baby care brand Mamaearth has raised ₹130 crore (about $18.14 million) in a round led by Sequoia Capital India, the …
India's second-largest microfinance firm Satin Creditcare NetworkNSE -4.93 % has raised $15 million in external commercial borrowing (ECB) from OeEB, …