Bangalore based e-commerce company Flipkart – along with its parent company, Walmart – announced on Monday that they are going to put in the 3rd round of investment in fresh produce supply chain organization Ninjacart, worth USD 145 million.
Ninjacart plans to leverage this investment towards inducing better technology and infrastructure in its operations. Their aim is to empower and enhance the lives of millions of agri value chain participants – including farmers, resellers, retailers, consumers and supply chain workforce.
In October last year too, Walmart and Flipkart Group invested with an undisclosed amount in the Bengaluru-based company.
A statement from Flipkart said that their recent joint investment (with Walmart) validates and strengthens Ninjacart’s vision to ensure better access to high-quality fresh produce for more retailers and consumers across India while also creating economic opportunities and better incomes for farmers in India.
As a homegrown company, we have constantly focused on creating the right infrastructure and technological solutions that support local farmers, producers, and food processors. With this investment, we are further able to strengthen our grocery footprint and offering as consumers across the country throng to e-grocery for quality and affordable options in the fresh category,”Kalyan Krishnamurthy, CEO Flipkart
Together, Flipkart and Ninjacart have been making continuous and committed efforts over the years to make the agricultural market more democratic and organized. Flipkart is planning to expand it’s market to another 200 cities by mid 2022 and fresh agri produce will be a significant part of it’s expansion plans. The organization will also ensure that stringent quality checks are in place when it comes to selling fresh fruits & vegetables.
Flipkart has also been intensifying it’s relationship with Farmer Produce Organizations (FPOs) to procure high-quality fresh produce, staples, pulses & spices, thereby, renewing revenue opportunities of farmer communities across the country. On similar lines, Ninjacart’s supply chain technology has helped resolve issues around distribution inefficiency & price risk, thus, helping farmers from around 150 villages, in terms of better revenues.
India is at a cusp of formalising the agriculture industry, with the advent to better road connectivity, GST, seamless payments, digital infrastructure, etc. This opens up a tremendous opportunity to organise our agri- ecosystem landscape like never before. We are investing in this huge potential to create value,”Thirukumaran Nagarajan, CEO/Co-Founder, Ninjacart
Earlier this year, Ninjacart also signed an MoU (Memorandum of Undersatinding) with the Union Ministry of Agriculture and Farmer Welfare to strengthen the market linkages and promote best practices in the farming sector. Its other investors include venture capital firms Accel, US-based Qualcomm Ventures, Russia’s HR Capital, Japanese venture capital firm-cum-accelerator Mistletoe, Infosys co-founder Nandan Nilekani’s NRJN Trust and South Korea-based Neoplux, the venture arm of Doosan Corp.