Bengaluru-based 63Ideas Infolabs Pvt. Ltd, which runs business-to-business agri-marketing platform Ninjacart, has raised Rs 250 crore (around $35 million at current exchange rates) in a Series B funding round led by US-based Accel and Switzerland-based agri investor Syngenta Ventures, a company statement said.
South Korean-based Neoplux, the venture arm of Doosan Corp; Joe Hirao, founder of multi-business firm ZIGExN; Russian venture firm HR Capital; and venture debt firm Trifecta Capital also invested in the venture.
Existing investors Accel India, Infosys co-founder Nandan Nilekani’s NRJN Trust, Japanese venture capital firm cum accelerator Misteltoe and Qualcomm Venture also participated in the round.
The company will use the capital to expand to other geographies, strengthen its product and technology team and to improve supply chain infrastructure, the statement added.
With the current funding round, the venture has raised total capital worth Rs 310 crore ($43 million) till date.
Ninjacart aims to expand to more than 10 cities, open over 200 distribution centres across India and will hire more talent in the near future, it said.
“Our focus will be on expanding to new markets and continue to innovate on behalf of our farmers and customers, and this will come from continued investments in talent, technology and supply chain infrastructure,” said Thirukumaran Nagarajan, chief executive officer and co-founder of Ninjacart, in the statement.
Founded in July 2015, Ninjacart initially began as a hyper-local grocery delivery company but then shifted to a B2B setup. Farmers can sell vegetables and fruits directly to business establishments such as shops, retailers and restaurants via the startup’s platform. The company was co-founded by Kartheeswaran KK, Nagarajan, Sharath Loganathan, Ashutosh Vikram, Sachin P J, and Vasudevan Chinnathambi, who have earlier worked at Commonfloor, OlaCabs, HT Media, Verizon Labs, Taxiforsure, and others.
Ninjacart currently operates in Bengaluru, Hyderabad and Chennai and sources products from more than 3,000 farmers across south India.
In July this year, the startup raised around $4.9 million (Rs 33.70 crore) in a new round co-led by Accel Partners and Infosys co-founder Nandan Nilekani’s NRJN Trust.
Prior to this, it raised Rs 37 crore ($5.5 million) from Accel Partners, NRJN Trust, Mistletoe, Qualcomm Ventures and M&S Partners in April 2017.
Deals in the space
The larger B2B e-commerce space has attracted significant investor interest over the past few months.
In September, B2B e-commerce platform Udaan raised $225 million (Rs 1,593 crore) in a Series C funding round from existing investors Yuri Milner’s DST Global and Lightspeed Venture Partners.
In August, ShopX, a B2B e-commerce platform for small retailers, secured $35 million (Rs 240 crore) from Hong Kong-based Fung Holdings.
In May, Bizongo, a B2B marketplace for packaging materials, raised $22 million (Rs 146.7 crore) in a Series B round of funding from B Capital and International Finance Corporation as well as existing investors Accel Partners and IDG Ventures.
Similarly, in June, Chennai-based Aahaa Stores Pvt. Ltd, an online B2B store for office supplies, had raised $2 million in a fresh round of funding from UAE-based investment group Calega.