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Ninjacart raises USD 145 million from Flipkart & Walmart

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A supply chain for fresh produce, Ninjacart, has raised $145 million from Flipkart and Walmart Inc., in what the Indian e-commerce firm said was the biggest deal in India’s agritech space.

Flipkart will also leverage the Ninajacart investment to strengthen its wider grocery offering Supermart.

Compared with $500 million in its previous round, the deal would peg Ninjacart’s valuation at $750-800 million.

“With this investment, we are further able to strengthen our grocery footprint and offering as consumers across the country throng to e-grocery for quality and affordable options in the fresh category,” said Kalyan Krishnamurthy, chief executive, Flipkart Group. “Our investment and partnership in Ninjakart over the years is a testament to the continued commitment and success we have seen in our endeavour to create a democratic and organised agriculture market.”

Ninjacart was founded in 2015 and operates in Chennai, Pune, Mumbai, Bengaluru, Hyderabad and Mumbai. The company produces and supplies fresh fruits and vegetables from farmers to retailers.

“The funds will enable us to dream beyond organising the farmer-to-retailer ecosystem to a much larger goal of organising the complete Agri ecosystem and enabling transparent commerce,” said Thirukumaran Nagarajan, cofounder and CEO, Ninjacart.

Flipkart said it offers groceries in 1,800 cities and towns and plans to take it to around 2,000 more towns by the middle of next year. The company said fresh fruits and vegetables will be an integral part of the expansion, with it investing in technology capabilities to offer better services to users. Flipkart said it is also working to bring efficiencies in the community e-grocery shopping model.