Retail group Walmart and online marketplace operator Flipkart have injected about $30m into India-based fresh produce distributor Ninjacart through a strategic partnership, the Economic Times reported on Monday.
Founded in 2015, Ninjacart distributes fresh produce to food businesses such as retailers, restaurants and service providers within a 12-hour time frame through a supply chain stretching to seven Indian cities.
The company will allocate the cash to expanding its offering and entering new markets. It also plans to strengthen its collaboration with Flipkart and Walmart – Flipkart’s majority owner – building on existing projects in areas such as direct-to-consumer deliveries and local supply chains.
The corporates combined to invest an undisclosed amount in Ninjacart in December 2019. Walmart had reportedly committed $50m to the company to be provided over multiple tranches, starting with $10m invested four months earlier.
The funding followed a $100m round capped off with a $10m tranche in June 2019 from Tiger Global Management, Trifecta Capital, Tanglin Venture Fund, Steadview Capital and ABG Capital. Ninjacart received an initial $89.5m from Tiger Global in April 2019 before Clark Valberg invested $440,000 two months later.
Ninjacart pulled in $34.7m of series B funding in in December 2018 from NeoPlux, Qualcomm Ventures and Syngenta Ventures, respective subsidiaries of diversified conglomerate Doosan, mobile chipmaker Qualcomm and agribusiness Syngenta, in addition to Accel, Accel India, Mistletoe, HR Capital, Trifecta Capital, Nadan Nilekani and Jo Hirao.
The capital came on the heels of a $4.9m round featuring Accel, NRJN Trust and Mistletoe in August 2018.
All three had joined Qualcomm Ventures and M&S Partners to invest $5.5m in Ninjacart in 2017, the year after a $3m round that included Qualcomm Ventures, Accel and M&S Partners in addition to online grocer ZopSmart.