Ninjacart, an agritech startup, recently announced a $145 million strategic round led by existing investors Walmart and Flipkart. Ninjacart did not disclose any additional transaction details, such as round break up or valuation, aside from future plans.
Walmart and Flipkart each contributed $72.5 million to the Series D round. This was Flipkart and its controlling entity Walmart’s third joint investment in the Bengaluru-based startup.
Ninjacart chose the new funds at a $815 million post-money valuation. This represents a significant increase in the company’s valuation, which was approximately $502 million in May of last year.
Ninajacart’s $145 million round was India’s largest fundraising effort by an agritech startup. Waycool announced a $117 million Series D round earlier this month. DeHaat raised $115 million in its Series D round in October, while AgroStar raised $70 million in December.
Thirukumaran Nagarajan’s company has also become India’s most valuable agritech startup. DeHaat is worth around $500 million, while Waycool is worth around $460 million. During the second tranche of its Series D round, Waycool was valued at $375 million. AgroStar, which has so far raised $112 million, did not disclose its valuation in the most recent round.
Ninjacart connects producers of food directly or farmers with retailers, restaurants, and service providers using in-house applications. The company claims that its supply chain is equipped to move 1400 tonnes of perishables from farms to businesses across seven cities – Bengaluru, Chennai, Hyderabad, Delhi, Gurugram, Mumbai and Pune.
As per the seven-year-old startup, it works closely with the farmers and has till date helped over 1,00,000 farmers across 150 villages to generate better revenue.
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