India’s e-commerce giant Flipkart and its US-based parent Walmart have invested $30 million in Ninjacart, a fresh produce supply chain startup, according to the ETtech report.
Flipkart and Walmart said in a joint statement that the investment would deepen their partnership with Ninjacart and would improve its offerings and enhance customer experience.
“The e-grocery market in India has seen tremendous growth over the past several months,” said Kalyan Krishnamurthy, CEO at Flipkart Group. “We will continue to make investments to offer the best produce to our customers and support livelihoods and sustainable growth for local farmers, producers and the supply chain ecosystem.”
Flipkart uses Ninjacart’s supply of fresh produce to power its online grocery service Supermart and hyperlocal delivery service Flipkart Quick. Earlier in 2019, Walmart and Flipkart had first invested in the startup.
Founded in 2015 by Ashutosh Vikram, Kartheeswaran K K, Sharath Loganathan, Thirukumaran Nagarajan and Vasu Devan, Ninjacart is backed by Accel US, Syngenta Ventures, Neoplux, HR Capital, Trifecta Capital, Jo Hirao, Founder of ZIGExN, Accel India, Nandan Nilekani, Mistletoe, Qualcomm Ventures, Tiger Global, Flipkart and Walmart.
“The fresh set of investments from Walmart and the Flipkart Group takes us one step closer to our vision of making food safe and accessible for the billion people and changing the way food reaches our plate,” said Thirukumaran Nagarajan, cofounder and CEO at Ninjacart.
The company will utilise the funding to expand into new markets and build new offerings for emerging customer segments. Flipkart and Walmart added that the deal is expected to be closed by the end of October 2020.
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