Walmart & Flipkart Jointly Invests $30 Million in Ninjacart
US retail giant Walmart and its Indian online retail Flipkart are making their second joint investment of about $30 million in the fresh produce supply chain start-up Ninjacart. This follows their first investment occurred in December 2019.
Commenting on this investment both Flipkart and Walmart have stated that they would remain focused on ensuring access to high-quality fresh produce to their customers and retailers. Alongside this, they would also strive in creating economic opportunities for farmers using advanced technology.
This investment further deepens the partnership of Walmart and the Flipkart Group with the Bengaluru-based Ninjacart. Thus, they are all set to enhance their offerings as well as improve their customer experience.
Thirukumaran Nagarajan, CEO & Co-Founder, Ninjacart says, “The fresh set of investments from Walmart and the Flipkart Group takes us one step closer to our vision of making food safe and accessible for the billion people and changing the way food reaches our plate.” he further adds, “We are excited to have Walmart and the Flipkart Group show confidence in our capabilities around growth and profitability. We will continue to invest in areas that impact the lives of customers and farmers positively.”
Ninjacart is intending to use the investment amount to stretch into new markets and create new offerings and supply chains for the emerging customer segments. It is also set its focus on continuing its innovation on the supply chain to make the brand more reliable, efficient, and profitable.
The company has established numerous indigenous solutions that are suitable for India at scale. Furthermore, it has also developed a local low-cost last-mile network through an innovative network model coupled with data science. The brand’s below 12 hours connectivity from farm to store eliminates the need to control the temperature supply chain for perishable goods. Ninjacart’s other renowned investors include Accel, Tiger Global, Syngenta, Tanglin, Steadview, Qualcomm, and Infosys co-founder Nandan Nilekani.
During the nationwide lockdown, Ninjacart has launched an innovative series of initiatives like ‘Farm to fork’ pilot with Flipkart, apartment delivery, ‘Harvest the Farms’ initiate aid both customers as well as farmers. Also, it introduced ‘FoodPrint’ a traceability platform for its products to enhance food safety.
Kalyan Krishnamurthy, CEO, Flipkart Group says, “The e-grocery market in India has seen tremendous growth over the past several months as people have increasingly taken to ordering groceries and fresh produce online. Our pilots and current business engagement with Ninjacart have been encouraging as we leverage technology to address changing consumer behavior across the country.” He adds, “We will continue to make investments to offer the best products to our customers and support livelihoods and sustainable growth for local farmers, producers, and the supply chain ecosystem.”