Tiger Global invested $89 Million in Agritech startup Ninjacart

Key Highlights

Ninjacart raises $89.5 Million from Tiger Global.

Ninjacart valuation enhances four times reaches over $320 Million.

Tiger Global holds a 5% stake in Ninjacart.

Bengaluru-based agritech startup Ninjacart has raised $89.5 Million from US-based venture capital company Tiger Global. By this raise funds, its valuation reaches at over $320 Million an almost four-fold increase from its Series B valuation of $89.5 million. Under this investment, Tiger Global has acquired a 26.5% stake in the company.

According to paper.VC reports the startup had issued 20,442 Series C compulsorily convertible preference shares at INR 3,04,142.78 per share. It also issued 100 equity shares with a face value of INR 100.

Investment of Tiger Global in Ninjacart is its second investment in Indian startup this month. It had previously participated in mobile marketing and mobile analytics startup Clever Tap’s $26 million funding round, alongside Sequoia Capital and Accel Partners. The investments in CleverTap and NinjaCart, are among the first cohort of bets placed by New York-based investor following its announcement in March that it’s influential and famously reticent, partner Lee Fixel would be leaving the firm at the end of June. In March, Tiger Global also invested in the Series A funding round of Bengaluru-based expense management startup Fyle. It picked up 22.45% stake in the startup. Prior to this, Tiger Global also invested in February.

Ninjacart came into action in 2015 by Kartheeswaran KK, Sharath Loganathan, Nagarajan and Vasudevan Chinnathambi. It provides farmers an opportunity to directly connect with businesses. It offers services across seven cities including Bengaluru, Chennai, Hyderabad, Mumbai, Delhi NCR, Ahmedabad, and Pune. Currently, it works with more than 12,000 farmers. Prior to this fund, Ninjacart has raised $34.6 Million in Series B funding round from various investors including Neoplux, Accel US, and Trifecta Capital, ZIGxN founder Jo Hirao, Syngenta Venture, and HR Capital. The funds are being used for expanding its services in new geographies, strengthening its product and technology team. It has also raised $4.9 Million in Series A funding round in July 2018. Accel, NRJN Trust and several others participated in the funding round.

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Himanshu Gupta

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