Vegetables, fruits and grocery supply chain start-up Ninjacart said on Friday that it has raised $100 million (Rs 6.99 billion) from leading investment firm Tiger Global to build capacity for serving retailers and restaurants across the country. "We plan to build capacity to serve retailers and restaurants, launch new product categories and hire teams with the fresh capital raised through Series C funding (third) round," the firm said in a statement.
The four-year-old start-up delivers fruits and vegetables sourced directly from 13,500 farmers in 20 states across the country and supplies to 17,000 retail shops and restaurants in seven cities daily: Bengaluru, Chennai, Gurgaon, Hyderabad, Mumbai, New Delhi and Pune.
The states from where fruits and vegetables are sourced directly from the farmers include Andhra Pradesh, Chattisgarh, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu and Kashmir, Karnataka, Kerala, Maharashtra, Madhya Pradesh, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, Uttarkhand and West Bengal.
With five co-founders, the start-up raised $34 million (Rs 2.21 billion) in Series B or second round of funding in December 2018 from the US-based Accel Partners, Syngenta Ventures, the venture capital arm of Syngenta AG, based at Basel in Switzerland, and leading Japanese billionaire Jo Hirao.
Source: thenewsminute.com
