B2B marketplace startup Ninjacart has raised $3 million from VC firm including Accel Partners and Qualcomm Ventures, M&S Partners, and Zop Smart, the parent of ZopNow, reports Livemint. It will use the funds for hiring and investing in technology.
The Bangalore-based startup connects farmers and brands to independent retailers. Ninjacart was originally founded in 2015 by Sharath Loganathan, Thirukumaran Nagarajan, Kartheeswaran K K, Ashutosh Vikram, Sachin Jose and Vasudevan Chinnathambi as a hyper-local grocery delivery company; it shifted to the B2B buying space 6 months later.
Currently the company helps supermarkets, kirana stores and standalone shops to buy fresh fruits/vegetables, staples and FMCG from farmers and independent brands. All services are offered through their online portal, and also through an Android app. The company claims to supply over 15 tons of vegetables and fruits daily to more than 120 retailers, clocking a monthly revenue of Rs 1.2 crore.
India allowed 100% FDI in B2B investments in 2012 along with some restrictions. Following the policy changes, several startups appeared in India within the B2B buying/selling space, which also saw active investments from both individual investors and venture capitalists.
– Last month, Gurgaon-based OfBusiness, an online marketplace for business-to-business commerce, raised $5 million (~Rs 34 crore) in a Series-A funding round led by Matrix Partners India. Entrepreneurs and angels investors including Apoorva Patni, Bhavish Aggarwal, and Prashant Malik also participated in the round.
-In the same month, E-commerce startup Moglix specializing in B2B procurement of industrial products, recently secured an undisclosed amount of angel investment from Ratan Tata, in February. The company specializes in B2B procurement of industrial products including MRO, Fasteners and Industrial Electricals.
–Power2SME, is another online buying club for small and medium enterprises that raised a fresh round of funding led by Infosys co-founder Nandan Nilekani in January, and from existing investors Accel Partners, Kalaari Capital and Inventus Capital.
– In January, Industrybuying, an online marketplace for industrial supplies and goods, raised Rs 12 crore in a round of funding from Trifecta Capital. It also raised an undisclosed amount of funding from TVS Group and Murugappa Group in December last year.