PE Fund Investments
Agritech co Ninjacart raises $9-M from STIC, Mainstreet Digital
Bengaluru-based agritech firm Ninjacart has raised fresh money from Korea- and Singapore-based venture capital firms. The company is to allot 1,319 Series D preference shares (as part of the ongoing round) at an issue price of INR 528,892 per share to raise INR 69.8 crore (USD 9 million) from STIC and Mainstreet Digital. Both investors have invested INR 37.5 crore each, at an estimated enterprise valuation of around USD 815 million. Post the latest funding, Tiger Global and Accel Partners remain the two largest stakeholders in Ninjacart with 18.66% and 13.79% respectively. Flipkart and Walmart hold 12.29 % each. Ninjacart enables retailers, restaurants, and sellers in mandis to source fresh produce directly from farmers. It claims to have over 200 collection centres and 1,200 warehouses in India moving over 1,400 tons of fresh produce across seven cities including Bengaluru, Chennai, Delhi (NCR) and Mumbai-Pune region.
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