Retail group Walmart is set to invest almost $50m Ninjacart, an India-based fresh produce marketplace backed by several corporates, the Economic Times reported on Friday.
Two sources familiar with the deal told ET the investment will be spread over several tranches, with the first $10m portion to be provided in the next few weeks. Walmart will also take a seat on the company’s board of directors in conjunction with the investment.
Ninjacart operates an online platform that enables farmers to sell fresh produce directly to restaurants or food retailers, instead of having to go through a third party.
The company raised approximately $10m in funding from investors including Tiger Global Management, Trifecta Capital, Tanglin Venture Fund, Steadview Capital and ABG Capital in June this year, according to Inc42, citing a regulatory filing.
Tiger Global had invested $89.5m in the same round in April 2019, two months before private investor Clark Valberg supplied $440,000, according to Paper.vc. Ninjacart secured $3m from online grocer ZopSmart, Qualcomm Ventures, a subsidiary of mobile chipmaker Qualcomm, Accel and M&S Partners in 2016.
Qualcomm Ventures, M&S Partners and Accel returned for a $5.5m round in April 2017, investing alongside NRJN Trust and Mistletoe. The latter three then took part in a $4.9m round in August 2018.
NeoPlux and Syngenta Ventures, subsidiaries of diversified conglomerate Doosan and agribusiness Syngenta, took part in the company’s $34.7m series B round in December 2018, as did Qualcomm Ventures, Accel and Accel India, Mistletoe, HR Capital, Trifecta Capital, Nadan Nilekani and Jo Hirao.