Tiger Global invests $100M into Ninjacart's Series C round
The large funding amount by Tiger Global into Ninjacart signifies its renewed interest in the Indian startup ecosystem, having set a benchmark with Flipkart investment.
Tiger Global, one of the leading investors in the Indian startup ecosystem, has infused $100 million into Ninjacart, the Bengaluru-headquartered B2B agritech startup, reveals filings with the Registrar of Companies (RoC).
This investment was done through Tiger Global’s Singapore arm Internet Fund V Pte Limited which included allotment of 100 equity shares and 20,442 compulsorily convertible preference shares, according to the RoC documents.
A report by Economic Times with information sourced from Paper.vc, Tiger Global has picked up 26.5 percent stake in Ninjacart valuing the company close to $320 million.
Prior to this Series C funding from Tiger Global, the startup had raised around $49.5 million investment in total. Last December, it raised $35 million from investors like Accel, Mistletoe, Qualcomm Venture, Syngenta Ventures, Neoplux, HR Capital, Trifecta Capital, and Nandan Nilekani.
Founded in 2015, Ninjacart enables a direct link between farmers and end retail outlets through its supply chain technology infrastructure. At present, it delivers around 500 tonnes of fruits and vegetables every day across the cities of Bengaluru, Chennai, Hyderabad, Delhi and Mumbai. It plans to add more number of locations.
Tiger Global's investment also creates a new benchmark in terms of writing bigger cheques. The investment powerhouse, which was one of the early backers of Flipkart, has created new benchmarks for the Indian startup ecosystem.
Other notable investments by Tiger Global with sizeable cheques include Ola, Delhivery, and Hike. It also invested in CleverTap, a customer lifecycle management company, which raised $26 million led by Sequoia.
Tiger Global has been credited with putting up the Indian startup ecosystem on the global map especially with its investment in Flipkart. The lead person in-charge of all these investments was Lee Fixel, who has since left the firm.
(This article has been updated to correct the amount of funding raised by Ninjacart following a clarification issued by the company.)