B2B Supply Chain Startup Ninjacart Raises $100M from Tiger Global
Launched in 2015, Ninjacart delivers fruits and vegetables sourced directly from farmers across 20+ Indian states and supplies to 17,000+ local kiranas and restaurants across 7 major Indian cities daily in less than 12 hours.
Ninjacart, India’s largest B2B supply chain startup has raised $100 million funding from Tiger Global in its Series C funding round. With this infusion of funds, Ninjacart plans to build capacity to serve million plus retailers and restaurants, launch new product categories and ramp up the teams significantly.
Launched in 2015, Ninjacart delivers fruits and vegetables sourced directly from farmers across 20+ Indian states and supplies to 17,000+ local kiranas and restaurants across 7 major Indian cities daily in less than 12 hours. Over the last few years, the company’s made-for-India technology and India centric solutions have not only disrupted the way fruits and vegetables move from farms to consumers but also improved India's traditional supply chain that faces inefficiencies and zero food security - with their 100% traceable supply chain. This helps Ninjacart trace the produce at a retail store to the farm and farm inputs to guarantee food security.
Ninjacart’s current sourcing network consists of 100+ collection centers and farmers across 20+ Indian states, helping it to procure from “Best possible source” in terms of price and quality - leading to low cost for retailers and consumers. This has resulted in an increase in farmers’ income by 15 to 20% and enabled better convenience for retailers who have access to hygienically handled (single touch) quality produce without spending hours at the mandis.
The company is continuously innovating across the supply chain and building cutting edge solutions to minimize the time from farm to store, since the only way to keep the produce fresh in India is to move it faster. Ninjacart has also been able to reduce food wastage to less than 1% as compared to the 40% wastage in the traditional supply chains - made possible by data driven recommendations to farmers on what to grow, when to grow and communicating the exact demand and price even before the harvest begins
Ninjacart leverages data from daily prices, demand data, supply data, market factors, transactions and behavior to build robust forecasting models and pricing engine that can effectively manage market volatility, create certainty on farmer earnings and reduce the price shock for end consumers. The transaction history as well as behavioral data of thousands of farmers, retailers and truck drivers in turn get utilized to build a credit platform linked to Ninjacart services.
Commenting on the announcement Thirukumaran Nagarajan, CEO & Co-founder of Ninjacart said, “Our vision is to make food safe and affordable for the billion people and change the way it reaches our plates. We are extremely excited to have Tiger Global part of our vision. It opens up new possibilities and opportunities to build valuable and world class solutions to complex supply chain problems. Our focus will be to make the Ninjacart innovation accessible to more farmers, retailers, restaurants and consumers and leverage our strengths to innovate for new product categories”
Subrata Mitra, Partner at Accel India and first one to back Ninjacart, said, “I am excited at the future prospect of Ninjacart. We at Accel have partnered with category defining companies such as Flipkart, Swiggy and others from their very inception; each of them built on the back of world class innovation, superlative execution & cutting-edge technology. I think Ninjacart is poised to be such a transformational company on the Indian B2B commerce side. We welcome Tiger Global on the journey ahead.”
A pioneer in the tech driven supply chain space for fresh vegetables and fruits in India, Ninjacart has already become operationally profitable in Bangalore. It further aims to extend its world class supply chain capabilities and make the ecosystem more efficient and reliable, while improving income for farmers and making food lot safer and affordable for Indian consumers. It also plans to leverage the existing assets and capabilities to launch and add value to new product categories and take Ninjacart innovation to 12M+ Retailers and restaurants in India in coming years.
Around The World