Ninjacart creates $25 million fund to invest in new agri-tech startups
Fresh produce supply chain startup Ninjacart has set aside $25 million to invest in new agri-tech startups in a bid to create a vibrant agtech ecosystem.
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Bengaluru, 5 March Fresh produce supply chain startup Ninjacart has set aside $25 million to invest in new agri-tech startups in a bid to create a vibrant agritech ecosystem.
Termed as 'Agri Seed Funds', the corpus will be utilized to make seed investments in startups and entrepreneurs, "who present unique, sustainable and tech-enabled solutions."
Ninjacart will also invest in teams that have great tech abilities but may lack a solution or an idea at the moment.
"Joining forces with Ninjacart will open windows for emerging enterprises allowing them to access valuable data, supply chain infrastructure, technology, farmers, and existing partners," said Thirukumuran Nagarajan, co-founder and CEO in a press release.
"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 ground," he added.
Creation of this seed fund has come following a $145 million investment from Flipkart and its parent company Walmart in December. This was one of the biggest investments in the agtech space.
"Recent investments by Walmart and Flipkart have broadened the company's goal of creating a digital agri-ecosystem, allowing all agri-players, including farmers, resellers, retailers, consumers, and supply chain participants, to buy and sell fresh produce in a transparent manner," the company said.
Founded in 2015, Ninjacart currently operates in seven cities including Bengaluru, Chennai, Hyderabad, Pune, Delhi and Mumbai. The company procures fresh fruits and vegetables directly from farmers and supplies to retailers, hotels, restaurants and even apartment complexes as part of its operations. The fresh-produce supplier already had the venture arm of Syngenta, which develops seeds and crop-protection products.
Indian agtech system is rising very fast with new startups emerging in recent years. Investors' interest is also increasing with many startups raising funds from PE and VC fund houses.
