BENGALURU: Ninjacart a Bengaluru-based online platform has raised Rs 20 crore in a funding round led by Accel Partners.
The Funding round also saw participation from Qualcomm Ventures, Singapore-based M&S Partners and ZopSmart, the parent of online grocer ZopNow.that connects farmers and brands to retailers, has raised Rs 20 crore in a funding round led by Accel Partners.
Ninjacart platform connects farmers and brands to retailers, which helps supermarkets and kirana stores to source fresh fruits and vegetables from farmers and brands. Ninjacart will use funding to hire talent, invest in supply chain infrastructure and technology.
Thirukumaran Nagarajan, chief executive officer at Ninjacart said “Due to marginal farming, poor logistics and zero market information, a number of middlemen get involved in sourcing the produce from farmers to markets,”. “As a result, the farmer gets only one fourth of what the consumer pays.”
Grocery accounts for over 70% of India’s total retail market of $350 million, according to a recent report by India Infoline. Organised brick-and-mortar grocery retail has only a 3.4% market share.
In 2 months, Nanjacart is supplying more than 15 tons of vegetables and fruits daily to over 120 retailers. The company is growing 30% every week with a monthly revenue of Rs.1.2 crore and no credit sales.
Ninjacart was founded by Nagarajan, Sharath Loganathan, Kartheeswaran K K, Ashutosh Vikram, Sachin Jose and Vasudevan Chinnathambi, who have previously worked with companies like Taxiforsure, Ola, Commonfloor and Verizon in May 2015 as a hyperlocal grocery delivery company.