Hedge fund manager Tiger Global Management has paid Rs 6.25bn ($89.5m) for a 26.5% stake in Ninjacart, an India-based fresh produce marketplace backed by several corporates, the Economic Times reported today.
Founded in 2015, Ninjacart operates an online platform that enables businesses such as restaurants or food retailers to buy fresh fruit and vegetables directly from farmers, instead of having to go through an intermediary.
The company is present in seven Indian cities and works with a network of some 12,000 farmers. It claims to be able to deliver produce in as little as 12 hours by making use of a range of collection, cold storage, fulfilment and distribution facilities.
Tiger Global’s series C investment comes after roughly $48m of earlier funding, including $3m from mobile chipmaker Qualcomm’s corporate venturing arm, Qualcomm Ventures, as well as online grocer ZopSmart, Accel and M&S Partners in 2016.
Ninjacart subsequently raised $5.5m from Qualcomm Ventures, M&S Partners, Accel, NRJN Trust and Mistletoe in April 2017, before the latter three added $4.9m in August 2018.
NeoPlux and Syngenta Ventures, respective subsidiaries of agribusiness Syngenta and diversified conglomerate Doosan, then joined Qualcomm Ventures, Accel and Accel India, Mistletoe, HR Capital, Trifecta Capital, Nadan Nilekani and Jo Hirao to provide $34.7m of series B funding for the company in December.
