Ninjacart bags $9 million in funding from South Korea based STIC Investment
- ByStartupStory | May 19, 2022
Ninjacart, Flipkart-backed fresh fruit and vegetable supply chain startup has received $99 million from STIC Investment based in South Korea along with UK-based Mainstream Digital at a current valuation of $812 million. Although STIC is an existing investor of Ninjacart. The latest funding round of the company was in December 2021 when Walmart-backed Flipkart invested over 149 million into the startup.
This investment will lead Ninjacart to scale up Flipkart’s 90-minute online grocery delivery business known as Flipkart Quick in 200 cities by the end of this year. It will also be assisted by Flipkart in broadening its grocery offering supermart. Ninjacart said that on 4th March 2022 it was planning to keep aloof $25 million to invest in different agritech startups. And on 10th March it announced its purchase of a SaaS company, Tecxpert.
Ninjacart was founded in 2015 by Thirukumaran Nagarajan with an aim to bridge the gap between the food distribution market and technology. It currently operates in seven cities like Bengaluru, Chennai, Hyderabad, Pune, Delhi and Mumbai. It offers fresh fruits and vegetables straight from the farmers and supplies them to the retailers, hotels, restaurants as well as apartment complexes.
In January, the company also carried out an employee stock option (Esop) buyback worth Rs 100 crore for the current and former employees. An Esop is an employee benefit plan which provides the company’s staff with the ownership of the equity shares of the firm which can be sold out at certain times.
Follow Startup Story
Related Posts
