Indian fresh produce supply chain platform Ninjacart has secured a $145m investment from US-based retailer Walmart and e-commerce company Flipkart.
Ninjacart will use this investment to expedite the development of technology and infrastructure to organise and enhance the lives of agriculture value chain participants.
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Flipkart Group CEO Kalyan Krishnamurthy said: “As a homegrown company, we have constantly focused on creating the right infrastructure and technological solutions that support local farmers, producers and food processors.
“With this investment, we are further able to strengthen our grocery footprint and offering as consumers across the country throng to e-grocery for quality and affordable options in the fresh category.”
Ninjacart develops supply chain technology designed to solve problems such as distribution inefficiency and price risks.
Since its founding in 2015, the agritech start-up has served more than 100,000 farmers across 150 villages.
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By GlobalDataThe company said it had invested ‘significantly’ in technology platforms and supply chain infrastructure over the past two years.
The latest investment marks Flipkart’s third investment in Ninjacart and is reportedly expected to take the company’s valuation to more than $700m.
Krishnamurthy added: “Through technology, we are able to bring great efficiencies in the value chain and create an impact by providing the farming community additional opportunities for better income.
“Our investment and partnership in Ninjacart over the years is a testament to the continued commitment and success we have seen in our endeavour to create a democratic and organised agriculture market.
“At Flipkart, we are well-poised and committed to building a sustainable ecosystem for fresh produce and uplift the communities associated with it in the process.”
Flipkart aims to offer groceries to 2,000 more towns by the middle of next year. The company currently serves 1,800 cities and towns in India.
Earlier this year, it opened three fulfilment and sortation centres in the state of Karnataka.
