In a bid to expand its operations to new geographies, Bengaluru-based agritech startup Ninjacart has scooped up $34.6 million (INR 250 crore) in its Series B funding round. The investment round witnessed participation from Accel Partners, Syngenta Ventures, Neoplux, ZIGxN founder Jo Hirao, HR Capital, and Trifecta Capital.
Along with them, the existing investors of the company, including Accel India, Nandan Nilekani, Mistletoe and Qualcomm Ventures also participated in this funding round.
As said, the startup will use the capital for expanding operations to new geographies. It will also spend money on strengthening its product and technology team. The company says that it is also looking to invest in improving the supply chain infrastructure.
For expansion, the company is planning to kick-off operations in more than 10 cities and also have over 200 distribution centers. Eventually, it will also ramp up hiring for its platform.
Thirukumaran Nagarajan, CEO
Our focus will be on expanding to new markets and continue to innovate on behalf of our farmers and customers – and this will come from continued investments in talent, technology and supply chain infrastructure.
This is the third
Ninjacart was founded in 2015 by Thirukumaran Nagarajan, Kartheeswaran
The startup currently operates in Bengaluru, Hyderabad, and Chennai and has employed a team of over 750 employees. It has a sourcing network of more than 3,000 farmers across South India and transports fresh produce from farm to about ,4000 retailers in less than 12 hours of picking on a daily basis.
He has been a technology writer since more than five years. At The Tech Portal, he covers gadgets, startups and the good and bad of tech.