American investing giant Tiger Global has invested $89.5 million in agri-tech startup NinjaCart, reports Mint.
NinjaCart, whose 26.5 per cent stake has been picked up by Tiger Global, provides marketing and delivery platform to farmers. The investment also happens to be one of the largest first round of funding for an Indian start-up.
Post the departure of Lee Fixel, who is credited for backing startups such as Flipkart and putting the Indian startup ecosystem on the global map, Tiger Global is now looking to fill the void.
Tiger’s previous large initial investments were in Ola ($57.5 million), Delhivery ($43.6 million) and Hike ($43.2 million).
Founded in 2015, NinjaCart connects farmers to end-retailers such as grocery stores, supermarkets and restaurants, which buy fruits and vegetables. It runs a logistics network enabling swift pick-up and drop of farm produce. NinjaCart is currently operational in Bengaluru, Hyderabad and Chennai.
Started by Thirukumaran Nagarajan, Ashutosh Vikram, Kartheeswaran K.K., Sachin Jose and Sharath Loganathan, NinjaCart started as an on-demand grocery delivery service, before pivoting to a business-to-business agri-marketing platform.
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