Ninjacart Raises $9 Million

According to regulatory records, Flipkart-backed fresh fruits and vegetable supply chain startup Ninjacart has funded $9 million from South Korean firm STIC and UK-based Mainstream Digital at a valuation of $812 million. Ninjacart already has STIC as an investor. The current capital follows Walmart-backed Flipkart's $145 million investment in the company in December.

Flipkart will use the Ninjacart investment to expand its 90-minute online grocery service, Flipkart Quick, to 200 cities by the end of 2022. Flipkart will also use it to bolster its Supermart grocery offering. Ninjacart announced on March 4 that it would put aside $25 million to invest in other Agritech Firms. On March 10, the firm announced the acquisition of Tecxpert, a software-as-a-service provider.

Ninjacart was founded in 2015 and now has offices in Bengaluru, Chennai, Hyderabad, Pune, Delhi, and Mumbai. Fresh fruits and vegetables are purchased directly from farmers and distributed to merchants, hotels, restaurants, and even housing complexes.

Ninjacart also completed a Rs 100 crore Employee Stock Option (Esop) repurchase in January for current and former employees. An Esop is an employee benefit plan that allows employees to possess equity shares in a company that they can sell at particular times