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Walmart, Flipkart Group pump in additional investment in Ninjacart

Walmart and Flipkart Group on Monday announced a fresh round of investment in Bengaluru-based business-to-business (B2B) supply chain company Ninjacart

Flipkart | Walmart | Ninjacart

Press Trust of India  |  New Delhi 

capex, expenditure, defence, funding, cash, capital, budget, crunch, liquidity, money

and Group on Monday announced a fresh round of investment in Bengaluru-based business-to-business (B2B) supply chain company

The companies, however, did not disclose the amount being invested. The transaction is expected to close by the end of the month.

In the coming months, will use the capital to expand to new markets and build new offerings and supply chains for emerging customer segments, while continuing to innovate on the supply chain to make it more efficient, reliable, and profitable, a statement said.

"This follows the investment made by and the Group in December 2019, as the continue to focus on ensuring access to high quality fresh produce for consumers and retailers while creating economic opportunities for farmers through the continued use of technology," it added.

For Ninjacart, this further deepens the partnership with and the Group to improve its offerings and enhance customer experience, it said.

"As Flipkart grows its Supermart (grocery) and Flipkart Quick (hyperlocal business), will continue to play a key role in providing fresh produce to consumers across the country as they increasingly look at e-grocery to meet their needs," it added.

Ninjacart was founded by Thirukumaran Nagarajan, Kartheeswaran K K, Ashutosh Vikram, Sharath Loganathan and Vasudevan Chinnathambi in 2015.

Its investors include Tiger Global, Accel, Tanglin, Steadview, Syngenta, Nandan Nilekani and Qualcomm, among others.

During the COVID-19 lockdowns, Ninjacart had launched a series of initiatives such as apartment delivery, including a 'Farm to fork' pilot with Flipkart, customer delivery through food delivery apps, 'Harvest the Farms' initiative, among others.

It had also launched 'FoodPrint', a 100 per cent traceability platform for its products, during the lockdown to improve food safety.

Flipkart Group CEO Kalyan Krishnamurthy said the e-grocery market in India has seen tremendous growth over the past several months as people have increasingly taken to ordering groceries and fresh produce online.

"We will continue to make investments to offer the best produce to our customers and support livelihoods and sustainable growth for local farmers, producers and the supply chain ecosystem. Our pilots and current business engagement with Ninjacart have been encouraging as we leverage technology to address changing consumer behaviour across the country," he added.

Nagarajan, CEO and co-founder of Ninjacart, said the fresh set of investments from Walmart and Flipkart Group takes the company one step closer to its vision of making food safe and accessible for a billion people and changing the way food reaches the plate.

"We will continue to invest in areas that impact the lives of customers and farmers positively," he added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, October 12 2020. 16:34 IST