New York-based Tiger Global has invested Rs 625 crore (USD 89.3 million) in agritech startup NinjaCart, picking up a 26.5% stake and valuing it at over USD 320 million. The Bengaluru-based startup had closed a USD 35 million funding round in December last year.
Founded in 2015, NinjaCart started as a hyper-local grocery delivery company, before taking to its current B2B model. It lets farmers deal directly with establishments, thereby cutting out middlemen and earning more for their produce. Institutions are also able to source fresh produce at competitive prices.
Economic Times reported that 63Ideas Infolabs, which owns and operates Ninjacart, has issued 20,442 Series C compulsorily convertible preference shares at Rs 3,04,142.78 per share, according to filings submitted by NinjaCart, and which have been accessed by business signals provider paper.vc. It has also reportedly issued 100 equity shares having a face value of Rs 100.
Tiger Global,with Sequoia Capital and Accel Partners, had earlier participated in mobile analytics and mobile marketing startup CleverTap’s USD 26 million funding round.
NinjaCart is present in seven cities and has an estimated 12,000 farmers on its platform. The startup claims it is able to push up farmers’ income by 20%. It reported a revenue of Rs 53.5 crore in FY 2017-18 on a loss of Rs 22.6 crore for the same period.