Ninjacart Raises $9.5 Million In Fresh Funding, Valuation Crosses $500 Million
Ninjacart, a fresh produce supply chain startup, has raised $9.5 million in a new round from its existing investor Syngenta Ventures.
First reported by Entrackr, Nijacart has reached the post-money valuation of Rs 3,715 crore or $502 million with this funding.
As per regulatory filings, the startup has approved the allotment of 1,746 preference shares at an issue price of Rs 400,848 to Syngenta to raise Rs 70 crore.
Started by Thirukumaran Nagarajan, Sharath Loganathan, Kartheeswaran K K, Sachin Jose, Vasudevan Chinnathambi, and Ashutosh Vikram, Ninjacart connects producers of food directly with retailers, restaurants, and service providers using in-house applications that drive end to end operations.
Ninjacart has a network of more than 1,200 warehouses and 200 collection centres in India. As per the startup, their supply chain is equipped to move vegetables and fruits from farmers to retailers and businesses across seven cities every day in less than 12 hours.
Leveraging technology, the startup claims to move over 1,400 tons of fresh produce daily and supplies to stores across seven cities – Delhi, Gurugram, Mumbai, Pune, Bengaluru, Chennai, and Hyderabad.
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