Ninjacart, the India-based operator of a platform that links farmers with food retailers, has secured Rs 200m ($3m) in a round backed by semiconductor technology producer Qualcomm, the Economic Times reported yesterday.
Venture capital firm Accel Partners led the round, which also featured ZopSmart, the owner of online grocery retailer ZopNow, and investment firm M&S Partners. US-based Qualcomm invested through its Qualcomm Ventures unit.
Ninjacart operates a platform that supermarkets and other food retailers can use to directly source fresh produce from farmers or local brands. Originally founded in May 2015 as a grocery delivery service, it pivoted in November to concentrate on sourcing.
Explaining the platform’s appeal, Ninjacart CEO Thirukumaran Nagarajan 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.”
The funding will support the expansion of Ninjacart’s team, as well as the strengthening of its technology and supply chain.