The round also saw participation from Qualcomm Ventures, Singapore-based M&S Partners and ZopSmart, the parent of online grocer ZopNow.
The Bangalore-based startup, which helps supermarkets and kirana stores source fresh fruits and vegetables, staples and FMCG goods directly from farmers and brands, will use the cash to hire talent, invest in supply chain infrastructure and technology.
Ninjacart was founded by Nagarajan, Sharath Loganathan, Kartheeswaran K K, Ashutosh Vikram, Sachin Jose and Vasudevan Chinnathambi, who have previously worked with companies like Taxiforsure, Ola, Commonfloor and Verizon in May 2015 as a hyperlocal grocery delivery company.
The startup is trying to solve these problems by bridging the gaps so that the farmer gets a good value for his produce and the stores get quality goods at competitive prices.
In 2 months, Ninjacart claims to be supplying more than 15 tons of vegetables and fruits daily to over 120 retailers. The company is growing 30% every week with a monthly revenue of Rs.1.2 crore and no credit sales.
Grocery accounts for over 70% of India’s total retail market of $350 million, according to a recent report by India Infoline. Organised brick-and-mortar grocery retail has only a 3.4% market share.