Amazon May Invest in NinjaCart to Enter India’s Fresh Produce Sector, Says Economic Times
NinjaCart, a Bengaluru-based fresh produce supply chain that supplies 25,000 tonnes of fresh vegetables and fruits monthly, can help Amazon India expand the horizon of its Pantry.
(photo for representation, image: Reuters)
Amazon is in exploratory talks with NinjaCart to make an investment in the Bengaluru-based fresh produce supply chain company, according to a report in the Economic Times.
Investment in NinjaCart can help Amazon India expand the horizon of Amazon Pantry. While it already sells select grocery items through Amazon Now and Amazon Pantry, Amazon is yet to formally enter the fresh produce space.
According to the report, Amazon started talks with NinjaCart when the latter was in the midst of closing its $100 million equity financing round led by New York-based investment firm Tiger Global Management. NinjaCart was valued at over $350 million after the closure of its last funding round in April, which also saw hedge fund Steadview Capital invest an undisclosed sum in the start-up, added the report.
NinjaCart’s chief Thirukumaran Nagarajan had earlier told ET that the company was supplying 25,000 tonnes of fresh vegetables and fruits on a monthly basis. The startup sources produce from more than 170 villages, while also aggregating local kirana stores and vegetable pushcart vendors.
NinjaCart is currently present in seven cities, and has till date has raised over $140 million. It counts Accel Partners in US and in India, Qualcomm Ventures, Trifecta Capital, NRJN Trust (the investment entity set up by Infosys co-founder Nandan Nilekani and wife Rohini), Jo Hirao, the founder of ZiGeXN, and Russian firm HR Capital among its list of backers, according to the report.
Meanwhile, Amazon has committed $500 million into the food retail sector. According to regulatory filings sourced from paper.vc, Amazon Retail India received Rs 240 crore, largely from existing shareholder Amazon Corporate Holdings, a Singapore-based entity engaged in food retail across the Asean region.
Amazon had earlier said that the company expects groceries and consumables to contribute more than half to its India business over the next five years.
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