AAA Ninjacart rolls out $25m seed fund

Ninjacart rolls out $25m seed fund

India-based fresh produce supplier Ninjacart announced the formation of a $25m fund on Saturday that will invest in agricultural technology developers at seed stage.

Ninjacart runs a service which connects farmers to restaurants, food retailers and food services firms by combining data analytics with a sophisticated supply chain which can transfer fruit and vegetables in 12 hours end to end.

The corporate said it has set up the Agri Seed Fund to cover a wider range of the agricultural ecosystem, and will also provide access to its technology, expertise and network of farmers and customers.

Thirukumaran Nagarajan, Ninjacart’s co-founder and chief executive, told Inc42: “Joining forces with Ninjacart will open windows for emerging enterprises allowing them to access valuable data, supply chain infrastructure, technology, farmers and existing partners.

“The startups will be introduced to VCs, angel investors and incubators. The procedure would be simple, allowing early-stage entrepreneurs to turn their concepts into concrete action on the ground.”

The launch comes three months after Ninjacart secured $145m in funding from local e-commerce marketplace Flipkart and its US-headquartered parent company, big box retailer Walmart, at a reported valuation of $750m to $800m.

Agribusiness Syngenta had provided $9.5m for the company six months earlier through corporate venturing unit Syngenta Ventures in an investment valuing it at $502m and increasing its overall funding to over $188m.

Although its startup scene has been healthy in recent years, India’s corporates have been less eager to get involved on the investment side.

IT services firms Wipro and Infosys and conglomerates Tata and Reliance Industries have each built notable portfolios but they remain the exception rather than the rule. Ninjacart represents the rare example of a pre-IPO company in the country experimenting with corporate venturing.

Photo courtesy of 63Ideas Infolabs Private Limited.

By Robert Lavine

Robert Lavine is special features editor for Global Venturing.