Agri-tech startup Ninjacart has raised Rs 250 crore in a series B round of funding. This round was led by Accel US and Syngenta Ventures which is dedicated to invest in the agriculture sector.
Others like Korean investment company Neoplux, Jo Hirao, founder of ZIGExN, HR Capital and Trifecta Capital. Along with the new set of investors the company said that its existing ones like Nandan Nilekani, Accel India, Mistletoe, Qualcomm Ventures also participated in this round. The RainMaker Group was the financial advisor to Ninjacart for this funding round.
Ninjacart which is in the business of supplying fresh fruits and vegetables directly from farmers to urban retailers intends to use the funds to enter new cities like Mumbai and Delhi and expand its distribution centre network to more than 200.
“We already have around 4000 retailers and more than 3000 farmers whom we are connecting through our platform spread across five states currently Karnataka, Tamil nadu, Maharashtra, Andhra Pradesh and Telengana,” said Thirukumaran Nagarajan, co-founder of Ninjacart.
The startup that is trying to bring in tech innovations to improve farmers’ income intends to pump in funds to expand its technology set up across supply chain, inventory and packaging of agri-products.