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  • Ninjacart: India’s Largest Fresh Produce Supply Chain Platform

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    The traditional supply chain is highly inefficient, unorganized, and sees a lot of wastage when it comes to food items. Besides, it has always been discovered that the farmers experience price risk, asymmetry in information about demand, inefficiency when it comes to distribution, and also fall prey to delayed payments. Furthermore, the retailers also face a whole lot of problems pertaining to higher costs, low-quality items, unhygienic produce, volatility of prices, and are spurred to rush to the market regularly even amidst erratic conditions. All of these are reasons why Ninjacart came into being.

    Ninjacart is India’s largest Fresh Produce Supply Chain platform, which is built to improve the supply chain distribution when it comes to fresh produces. The ninjacart company is a pioneer in solving one of the toughest supply chain problems in the world by leveraging innovative technology. The high-quality and hygienically-handled fresh produce ensures healthy food to the consumers along with maintaining transparency among the points of supply chain and distribution. Read more to find out about Ninjacart company details, ninjacart founders, ninjacart revenue, ninjacart business model, etc.

    Ninjacart Company Details

    Startup Name Ninjacart
    Headquarters Bangalore, Karnataka, India
    Industry Logistics, Supply Chain
    Founded 2015
    Founders Ashutosh Vikram, KartheeSwaran KK, Sharath Loganathan, Sachin Jose, Thirukumaran Nagarajan, Vasudevan Chinnathambi
    Website Ninjacart.in

    About Ninjacart and How it Works?
    Ninjacart – Founders and Team
    Ninjacart – Startup Story
    Ninjacart – Mission and Vision
    Ninjacart – Name, Tagline, Logo and its Meaning
    Ninjacart – Business and Revenue Model
    Ninjacart – Shareholding
    Ninjacart – Growth
    Ninjacart – Financials
    Ninjacart – Product And Services
    Ninjacart – ESOPs
    Ninjacart – Partnerships
    Ninjacart – Awards
    Ninjacart – Challenges Faced
    Ninjacart – Funding and Investors
    Ninjacart – Acquisitions
    Ninjacart – Investment
    Ninjacart – Campaign
    Ninjacart – Competitors
    Ninjacart – Future Plans

    About Ninjacart and How it Works?

    About Ninjacart

    Ninjacart is India’s largest fresh produce supply chain company that is solving one of the toughest problems in the world through technology. Headquartered in Bengaluru, Ninjacart company connects producers of food directly with retailers, restaurants, and service providers with the help of in-house applications that drive the end-to-end operations.

    Ninjacart Supply Chain is equipped to move 1400+ tonnes of perishables from farms to businesses, every day, in less than 12 hours. The ninjacart startup currently has a network of more than 200 collection centres and over 1,200 warehouses in the country as of 2022.

    The Ninjacart company is not only a developer of agricultural marketing but also provides a supply chain platform intended to revolutionalize the fresh produce supply chain. The ninjacart app and website leverage data science, infrastructure, and networks to connect farmers directly to businesses and end retailers such as grocery stores, enabling retailers and merchants to source fresh farm produce directly from farmers in less time and in a cost-effective way.

    1. Ninjacart India has eliminated intermediaries by taking control of the Supply Chain by using technology and analytics.
    2. The company has built reliable, cost-effective, and high-speed logistics and infrastructure to solve inefficiencies in the Supply Chain.
    3. On one end, farmers get better prices and consistent demand, and on the other end, retailers receive fresh produce at competitive prices that are delivered to their doorstep.

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    Ninjacart – Founders and Team

    The Ninjacart founders are Ashutosh Vikram, Kartheeswaran KK, Sharath Loganathan, Sachin Jose, Thirukumaran Nagarajan, and Vasudevan Chinnathambi, 2015. The ninjacart company has successfully built a tech-enabled supply chain for fresh farm produce and is able to deliver over 1,400 tonnes of fruits and vegetables daily.

    Founders of Ninjacart
    Ninjacart Founders

    Ashutosh Vikram

    Ashutosh Vikram is the co-founder of Ninjacart. After completing his Btech degree in Computer Science from B.I.E.T Jhansi, Vikram obtained a PGDM from IIM Kozhikode. Ashutosh started by founding Shout App, after which he joined CommonFloor.com as the Associate Product Manager. Again, after a little more than a year and a half, Vikram joined OLACabs as the Associate Product Manager, but he served this role only for 6 months when he decided to co-found Ninjacart. Along with being the co-founder of Ninjacart, Vikram also serves as a Program Manager/Mentor.

    Kartheeswaran KK

    Kartheeswaran is known as the co-founder of Ninjacart, and also serves as the COO of the company. KK completed a Bachelor of Engineering in Computer Science from the College of Engineering, Guindy and then went for PGP in General Management from IIM Ahmedabad. Kartheeswaran was a Student Director at CEG Tech Forum and he soon joined Microsoft as the Program Manager, but he left the role within 2 months and joined TaxiforSure with the same designation. He left the company a year after his joining and co-founded Ninjacart, where he also served as the CTO of the company.

    Sharath Loganathan

    After obtaining a Mechatronics Engineering Bachelor’s degree from Anna University, Sharath went for a PGDM in General Management from IIM Kozhikode. In his professional life, Loganathan started as the Team Lead at Satyam Computers and Services Ltd., he eventually joined Financial Inclusion Network and Operations Ltd as a Manager after leaving his previous job. Loganathan left his job after a period of a little more than 2 years and decided to pave his entrepreneurial career. He started by co-founding EduRaft Solutions and the Shout Out App. However, he spent around a year at each of the companies after which he joined CommonFloor.com as a Product Manager. However, he left the company in less than 2 years’ time to co-found Ninjacart.

    Thirukumaran Nagarajan

    Ninjacart Co-founder and CEO Thirukumaran Nagarajan was a BE Electrical and Electronics student at the College of Engineering, Guindy. He was then enrolled in a course in Foreign Exchange, and Finance at the Università Commerciale ‘Luigi Bocconi’. Nagarajan again pursued an MBA (PGDM) from the Indian Institute of Management, Kozhikode logo Indian Institute of Management, Kozhikode Indian Institute of Management, Kozhikode. Starting with ABB as a Sales and Marketing Executive, Nagarajan then joined Axis Bank after 2 years. After around 1.6 years, he left Axis Bank and joined as an Investment Associate at Aavishkaar. Nagarajan then co-founded EduRaft Private Ltd. A serial entrepreneur now, Thirukumaran Nagarajan went on to found 2 more companies – Shout and Ninjacart. He also worked at TaxiforSure for a brief period of 9 months in between before he founded Ninjacart, where he is presently a Co-founder and CEO.

    Vasu C

    Vasu C is another co-founder of Ninjacart. He had previous experiences serving as a Senior Systems Engineer at Infosys, Product Manager at Firefly E-ventures, and a Product Manager for TaxiforSure, before he co-founded Ninjacart along with the other co-founders. Vasudevan has cites Shanmuga Arts, Science, Technology and Research Academy and School of Inspired Leadership as his alma mater.

    Sachin Jose

    Sachin Jose is an Ex-co-founder of Ninjacart. Jose is an alumnus of the Copenhagen Institute of Interaction Design. CommonFloor was the first company that Jose worked in as an intern and later as a Visual Designer. Sachin then co-founded Shout, where he stayed for less than 6 months before co-founding Ninjacart in 2015. However, he quit the company in September 2017. Jose worked with a range of companies like Verizon, Saiga, Byjus, and Think & Learn and is presently serving as a Product Design Lead at rebuy recommence.

    The startup team of Ninjacart bonded together with Thiru leading the setup, who soon found Sharath as the obvious choice because the two of them have always been partners in crime since the biryani startup days. KK, Vasu, and Ashutosh soon came together to form Ninjacart.

    The Ninjacart team is currently led by Thirukumaran Nagarajan – Ninjakart as the Founder & CEO where Abhishek Agarwal, Prashannth Vijayakumar, Kartheeswaran K K, and Theyagarajan S manage key leadership positions.

    Ninjacart – Startup Story

    Ninjacart startup started operating in 2015 as a hyperlocal grocery delivery platform, and its main aim was to help retailers take their inventory online and deliver quality groceries to consumers in less than 60 minutes from ordering at scale. This was still a novel concept back then.

    The Ninjacart pitch that was to be presented to Accel was an interesting story that Thiru (Founder and CEO of Ninjacart) and Subrata Mitra (Partner at Accel) can clearly remember even after so many years since the launch of Ninjacart. It was a Saturday afternoon when Subrata planned to meet two entrepreneurs at his own house, but to his surprise, he saw five of them showing up at his doorstep. This made Subrata hold the meeting at the dinner table. The Founders of Ninjacart didn’t have any formal pitch ready, so they just wanted to talk about their idea, product and plans. Thiru opened their app and showed how people can order via the same, which impressed Subrata. The Accel Partner was impressed by the quality of the app and the potential opportunity for growth that it had in the market. However, what impressed him the most is the team at Ninjacart.

    But soon Ninjacart founders realized that with little product differentiation, customers were unwilling to pay a premium rate just for the marginal convenience of ordering online, especially for fruits and vegetables. On one hand, kirana partners faced problems regarding tedious procurement processes and proper management of quality, hygiene, price, assortment, and customer understanding. On the other, farmers experienced unfair practices, high food wastage due to a supply-demand mismatch, and lower incomes.

    So, they changed the ninjacart business model and the ninjacart revenue model to an agri-tech platform to solve one of the toughest agricultural supply chain problems at its root, built reliable, cost-effective, and high-speed infrastructure, and enabled retailers and merchants to source fresh produce directly from farmers daily.

    Ninjacart – Mission and Vision

    “Better Lives for Every Agri-Citizen” says the vision statement of the brand.

    The company’s mission is Build the most trusted, efficient, and inclusive agri-trade network.

    Ninjacart – Name, Tagline, Logo and its Meaning

    Ninjacart Logo
    Ninjacart Logo

    Ninjacart introduced a new logo as part of its rebranding, showcasing its dynamic and adaptable nature. The fresh design aims to build trust among farmers, traders, and retailers while highlighting the company’s commitment to strengthening connections in the food supply chain and supporting the entire agricultural community.

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    Ninjacart – Business and Revenue Model

    Ninjacart’s business model is based on removing inefficiencies and intermediate middlemen in the fruits and vegetables supply chain. On one hand, the company helps improve farmers’ incomes and provides a consistent demand and on the other hand, they deliver quality, fresh, and hygienically handled produce to retailers and food service providers. Ninja cart buys from farmers and sells to retailers and food service providers within 12 hours.

    Nagarajan says that more than 25% of the vegetables Ninjacart sells are procured directly from farmers. The ninjacart business model helps the company in engaging farmers in various awareness programs to educate them about the Ninjacart app and the benefits of selling directly to the venture.

    Ninjacart earns from the sales of the fresh goods to the retailers at profitable prices. The company also makes some money via its app. The Ninjacart revenue model aims to further build a farmer ecosystem and has already started its work on creating a fintech platform for the farmers. The ninjacart app will help them get the capital they would need to buy tractors, build greenhouses, and other working capital they need from time to time.

    Ninjacart – Shareholding

    Ninjacart’s shareholding pattern as of March 2024, sourced from Tracxn:

    Ninjacart Shareholders Percentage
    Thirukumaran Nagarajan 9.5%
    Ashutosh Vikram 2.7%
    Vasudevan Chinnathambi 1.8%
    Sharath Loganathan 1.7%
    Kartheeswaran Karandipalayam Kandasamy 1.7%
    Sachin Jose 1.6%
    Tiger Global Management 18.9%
    Accel 13.9%
    Syngenta Group 4.2%
    Entrust Family Office 2.3%
    Qualcomm Ventures 2.2%
    Tanglin Venture Partners 1.9%
    Mistletoe 2.5%
    STIC Investments 3.5%
    Hahn & Company 1.2%
    Steadview 1.2%
    Neoplux 1.1%
    M&S Capital Partners 0.4%
    ABG Capital 0.2%
    NPTK Emerging Asia Fund 1 0.2%
    Trifecta Capital 0.2%
    SIN Capital 0.1%
    GEC3 12.6%
    Flipkart 12.6%
    Angel 5.2%
    Other People 0.4%
    ESOP Pool 5.8%
    Total 100.0%
    Ninjacart Shareholding
    Ninjacart Shareholding

    Ninjacart – Growth

    The company claims to have more than 200 collection centres across the country to procure fresh goods, and 1200+ warehouses to stock them. Valued at over $815 million, Ninjacart is hailed as the highest valued agri-tech startup, as of January 27, 2022. The $815 million valuations of Ninjacart is a decent indicator that the agri-tech startup can easily become the first unicorn in the space ahead!

    Some of the Ninjacart growth highlights are as follows:

    • Ninjacart is hailed as the pioneer of tech-driven supply chain space for fresh produce
    • The company is backed by a wide range of esteemed venture funds and companies including Accel, Qualcomm, Tiger Global, and others
    • The Ninjacart Supply Chain i equipped to move more than 1,400 tonnes of perishables from farms to businesses, every day, and that too within less than 12 hours
    • The Bengaluru-based company proves beneficial to farmers, retailers, and consumers
    • Ninjacart is operating in 150+ markets across multiple agri-commodities

    Ninjacart launched Agri Seed Fund on March 4, 2022. The Agri Seed Fund is a $25 million fund, which is aimed to support the emerging and new-age startups in the agricultural sector. This seed fund would help Ninjacart make “seed investments in startups, entrepreneurs and tech innovators”, who will come up with “unique, sustainable and tech-enabled solutions“, as per the company’s press release.

    It is important to note here that with this new seed fund initiative, Ninjacart will invest in teams who have great technical abilities but may lack a particular solution or the right idea at the moment. This development comes as part of the agri-tech giant’s larger effort to boost the Indian agricultural landscape. The Agri Seed Fund is focused on strengthening innovation and accelerating disruption across the agriculture sector with the help of seed investments over the next two years.

    Ninjacart – Financials

    Ninjacart has shown significant revenue growth over the years, reaching INR 2,081.5 crore in FY24, but continues to operate at a loss. Expenses have also increased, affecting profitability.

    Particulars FY24 FY23 FY22 FY21 FY20
    Revenue INR 2,081.5 crore INR 1,212.3 crore INR 991 crore INR 776.9 crore INR 509.1 crore
    Expenses INR 2,341.2 crore INR 1,538.7 crore INR 1,298.9 crore INR 1,799.9 crore INR 993.6 crore
    Profit/Loss INR -259.6 crore INR -326.4 crore INR -307.9 crore INR -1,023.1 crore INR -484.4 crore
    Ninjacart Financials
    Ninjacart Financials

    Revenue increased from INR 1,212.3 crore in FY23 to INR 2,081.5 crore in FY24, but losses narrowed slightly from INR 326.4 crore to INR 259.6 crore.

    Ninjacart Revenue

    Revenue has grown significantly, up 71.7% YoY from INR 1,212.3 crore (FY23) to INR 2,081.5 crore (FY24).

    Revenue Breakdown FY24 FY23
    Revenue from Operations INR 2,002.7 crore INR 1,153.5 crore
    Other Income INR 78.8 crore INR 58.9 crore
    Total Revenue INR 2,081.5 crore INR 1,212.3 crore

    Strong revenue growth, mainly from core operations, with other income also increasing.

    Ninjacart Profit/Loss

    While losses continue, they reduced by 20.4% from INR 326.4 crore in FY23 to INR 259.6 crore in FY24. Despite rising revenue, losses remain, though they are decreasing.

    Ninjacart Expenses

    Expenses increased by 52.2% YoY, mainly due to higher stock purchases and operational costs.

    Expense Breakdown FY24 FY23
    Purchases of Stock-in-Trade INR 1,930.8 Cr INR 1,085.6 Cr
    Employee Benefit Expense INR 237.6 Cr INR 246.8 Cr
    Finance Cost INR 9.1 Cr INR 1.1 Cr
    Depreciation & Amortization INR 15.1 Cr INR 22.1 Cr
    Other Expenses INR 155.8 Cr INR 180.8 Cr
    Total Expenses INR 2,341.2 Cr INR 1,538.7 Cr

    Expenses increased mainly due to higher purchases, but employee costs slightly reduced.

    Quick Summary (FY24 vs FY23)

    • Revenue: Grew 71.7% to INR 2,081.5 crore.
    • Expenses: Increased 52.2%, mainly due to higher stock purchases.
    • Profit/Loss: Loss reduced by 20.4% from INR 326.4 crore to INR 259.6 crore.
    • Business Impact: Growth in revenue is promising, but reducing losses further is key to long-term profitability.

    Ninjacart – Product And Services

    Export import agricultural platform

    Ninja Global, a platform for agricultural export-import companies in the United Arab Emirates and other Gulf Cooperation Council (GCC) nations, has been introduced by Ninjacart on November, 2022. It will make it possible for importers and exporters to establish networks with reliable companies, get access to new markets, and grow their companies successfully on a global basis.

    Agri Next

    Ninjacart stated in August of 2023 that its “Agri Next” concept would be launched in the future. Ninjacart is demonstrating its dedication to revolutionizing agriculture through the modernization of agri spaces and the promotion of digital solutions throughout the agricultural value chain with this ground-breaking project.

    Ninjacart – ESOPs

    Ninjacart crossed the $800 million mark in valuation when it raised its Series D round of funding in December 2021. This also led the company to increase the size and value of its ESOP pool. According to the regulatory filings, as of April 29, 2022, Ninjacart passed a special resolution to increase its share options from 2444 to 3156, the ESOP pool of which is currently valued at around Rs 170 crore.

    The last ESOP news of Ninjcart was heard when the company announced its ESOP buyback last in January 2022, when a buyback worth Rs 100 crore ($13.33 mn) was announced from its workforce, which also included MSOPs.

    The ESOP pool of Ninjacart, an agritech business financed by Walmart, has increased by more than 100%. On August 18, 2022, the Bengaluru-based business had an extraordinary general meeting whereby a resolution was voted to expand the size of its ESOP pool to 6,522 shares from the current 3,156 shares.

    Ninjacart – Partnerships

    Ninjacart mainly partners with the farmers and the retailers of the country to ease things in the supply chain. The company has earlier partnered with Flipkart in 2019, which went into a strategic partnership to find a reliable supplier of fresh produce.

    Kilofarms

    The company has partnered with agri-tech platform Kilofarms and has made the production of residue-free tomatoes easy.

    Avant Finance

    Together, Ninjacart and Avanti Finance formed a collaboration in April 2022, with the goal of facilitating simple access to financial products and utilizing special technological resources and capabilities to support the agri-value chain community.

    Garuda Aerospace

    In order to deliver disruptive tech innovation to India’s agriculture sector, Garuda Aerospace partnered with Ninjacart in March of 2023. Through a collaborative partnership, both businesses will provide farmers with short-term financing choices so they may purchase the newest drone technology.

    Arado

    Arado, originally Clicampo, is a Brazilian agriculture marketplace. Ninjacart has announced a partnership with Arado on September, 18, 2023. Through this partnership, the Brazilian market will be exposed to Ninjacart’s technology platform, supply chain management solutions, and consultancy services.

    Ninjacart – Awards

    Hailed as the largest B2B fresh produce supply chain company in India, Ninjacart has been awarded several awards and recognitions throughout the years. The company recently been awarded the ‘Startup of the Year- 2021’ by Agriculture Today magazine on October 22, 2021. The company has also been recognized as the ‘Overall Supply Chain Solution of the Year’ in the Agtech Breakthrough Awards 2020.

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    Ninjacart – Campaign

    Ninjacart Campaign

    #BetterLives

    Ninjacart’s campaign, “Behtar Kal ka Saathi,” or “Partners for a better tomorrow,” highlights the company’s dedication to improving lives, generating opportunities, and fostering a sustainable and prosperous future for all parties involved in the value chain. This campaign embodies the brand’s vision of creating “Better Lives for Every Agri citizen.”

    Ninjacart – Challenges Faced

    “It’s been a crazy journey, we encountered a lot of problems and we solved every small issue we met on the way with the help of technology and right now we move at least 1,000 tonnes of vegetables and fruits across seven cities,” says Thirukumaran Nagarajan, Ninjacart founder and CEO of Ninjacart.

    The journey of any startup does not begin with immediate success. What once appeared to be problems may not actually create that much of an impact on the overall market, but something else completely unexpected could crop up. Thirukumaran Nagarajan (ninjacart founder and CEO) initially expected to scale up to 50 tonnes of fruits and vegetables from the get-go. It was only when the team first confronted the behemoth of Indian agri-trading that the importance of effectively understanding the real problem and pivoting the startup’s problem statement came into play. But this is not the only time startups should focus on pivoting, according to Thirukumaran.

    The founder of ninjacart states, “Many entrepreneurs struggle to scale once a startup enters the growth stage. When you are a small size company, your needs and the problems you look to solve are completely different. Once you start growing, the business demands changes. For instance, we started with a supply of 1 or 2 tons of farmer produce. But today, we have grown to almost 300 tons of supply — in a day. Of course, we faced many problems related to scaling, like managing the large supply of the produce, keeping away from frauds, and hiring the right people.”

    The major challenges that Ninjacart and the country faced earlier were associated with:

    • The farmers experience price risk, asymmetry of information about demand, distribution inefficiency, and often received late payments.
    • The retailers often face problems with higher costs, unhygienic produce, which often turns out to be of low quality, along with other problems of high-price volatility and the hassles of going to market each day.
    • Besides, the traditional supply chain had also been declared highly inefficient and unorganized, with a high rate of wastage of food.

    However, Ninjacart has brought effective solutions to dodge the challenges that the industry and its representatives faced earlier. Fueled by the latest technologies and services, Ninjacart has eliminated the role of the intermediaries and has controlled the supply chain commandingly. It has built cost-effective, reliable, and efficient logistics and infrastructure to wipe out the inefficiencies in the Supply chain. Ninjacart has evolved into an organization that looks up to the farmers who now get better prices and consistent demands, while the retailers receive the fresh produce that they wanted and at competitive prices, which are also delivered to their doorsteps.

    Ninjacart – Funding and Investors

    Ninjacart has received $367.8 mn in funding as of May 2022. The company received fresh funds worth $9.6 mn (Rs 75 cr), as per the news dated May 18, 2022. In this fresh funding round, STIC and Mainstreet Digital both invested Rs 37.5 crore each.

    The previous funding that Ninjacart received came in on December 13, 2021, when the company mopped up $145M in funding led by Flipkart and Walmart. The company has seen 15 funding rounds in total and the company has been backed by around 22 investors till now.

    Date Round Amount Lead Investors
    May 18, 2022 – $9.6M STIC and Mainstreet Digital
    Dec 13, 2021 Series D $145M Flipkart and Walmart
    May 21, 2021 Venture Round $9.5M Syngenta Ventures
    Oct 12, 2020 Corporate Round $30M Flipkart, Walmart
    Dec 11, 2019 Series C $10M Flipkart
    Nov 15, 2019 Debt Financing $4.2M Trifecta Capital Advisors
    Jul 18, 2019 Series C $402K –
    Jun 21, 2019 Series C $10M –
    Apr 24, 2019 Series C $90M Tiger Global Management
    Dec 12, 2018 Series B $33.5M Accel, Syngenta Ventures
    Jul 30, 2018 Series A $4.9M Accel, NRJN Trust
    Mar 5, 2018 Debt Financing $1.1M Trifecta Capital Advisors
    Apr 11, 2017 Series A $5.7M Accel

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    Ninjacart – Acquisitions

    Ninjacart has acquired Tecxprt, a SaaS-based end-to-end solutions provider, which is designed to help businesses streamline their operations, on March 10, 2022. With this maiden acquisition of Tecxprt, Ninjacart will now be able to help expand the opportunities for the participants to make them flourish both individually and collectively. This will greatly boost the Agri–ecosystem.

    Company acquired Date of acquisition Amount
    Tecxprt March 10, 2022 –

    Ninjacart – Investment

    Ninjacart has invested in two companies to date.

    Below is the details:

    Company Name Date Funding Stage Amount
    Produze Aug 9, 2022 Seed Round $2.6M
    Fyllo May 13, 2022 Seed Round $2M

    Ninjacart – Competitors

    The top Ninjacart competitors are

    • DeHaat
    • WayCool
    • Farmioc
    • Chilibeli
    • AgroStar
    • FarmLead

    Ninjacart – Future Plans

    Ninjacart plans to enhance its technology by using blockchain for better supply chain transparency. It aims to boost customer engagement through social media and mobile apps, focusing on brand loyalty. The company is strengthening partnerships with farmers, logistics providers, and tech firms to expand its market reach. It also plans to grow internationally and support FoodTech and AgTech startups through dedicated programs.

    Ninjacart looks forward to a future that will be driven by data and technology. The company has a database of around 40 different markets in terms of arrivals, supply, price, etc. According to Thirukumaran (the ninjacart owner and CEO), they can predict the prices of vegetables and fruits, and production output in the future. The ninjacart Bangalore is the head office of the company, while it is also present in Chennai.

    According to Vasu, Ninjacart wants to focus on small vendors, mom-and-pop stores, and unorganized provision stores — a segment it currently caters to and where the efficiency of its model lies. Ninja cart has 20,000 customers, including restaurants.

    “In the past three years, we have built a template for the business which is creating value for all stakeholders,” said Kartheeswaran K K, chief operating officer and one of the six founder of ninjacart. “Our focus is how we can take this to 1 million farmers in 10-15 cities across India and make it into an alternative supply chain for fruits and vegetables,” he said.

    Ninjacart founder and CEO, Thirukumaran Nagarajan has revealed that the company is looking to build a fintech platform for the farmers that would help them with the necessary capital that they would need to set up greenhouses, buy tractors, and more such investments. He further added about ninjacart that this will be a key component of the farmer ecosystem that they are working on!

    FAQs

    What is Ninjacart and what does Ninjacart do?

    Ninjacart company is India’s largest fresh produce supply chain company that is solving one of the toughest problems in the world through technology.

    Who’s the CEO of Ninjacart?

    The ninjacart founder, Thirukumaran Nagarajan is the current CEO of Ninjacart.

    Who are Ninjacart founders?

    The Ninjacart founders are Ashutosh Vikram, KartheeSwaran KK, Sharath Loganathan, Sachin Jose, Thirukumaran Nagarajan and Vasudevan Chinnathambi.

    How does Ninjacart make money?

    Ninjacart’s business model is based on removing inefficiencies and intermediate middlemen in the fruits and vegetables supply chain. It makes a considerable amount of money from the sale of fruits and vegetables and the sale of staples and other products.

    When was Ninjacart started?

    Ninjacart was founded in 2015.

    What kind of company is Ninjacart?

    Ninjacart startup is a popular fresh produce supply chain company.

    Is Ninjacart a startup?

    Yes, Ninjacart is a startup that is growing strong in the agritech space. In terms of scale, Ninjacart is probably the biggest Indian agritech startup. It is helping solve one of the toughest supply chain problems in the world by leveraging innovative technology.

    What is Ninjacart business model?

    Ninjacart is a B2B agritech platform that connects farmers directly with retailers and businesses, cutting out middlemen. It uses technology, data analytics, and blockchain to optimize supply chains, ensure fast deliveries, and reduce wastage. The company earns through commissions and logistics services while expanding partnerships with stores and e-commerce platforms.

    What is Ninjacart networth?

    According to Tracxn, as of May 17, 2022, Ninjacart was valued at $756 million. 

  • Top 12 B2B Ecommerce Startups in India

    Today, there are a large number of startups in the B2B E-commerce industry that provide businesses with goods and services from other businesses. There are more than 6.6K startups in this industry, which includes those companies as well which operate as e-distributors, marketplaces, and listing platforms.

    If you’re in the B2B industry, you must have heard the names of prominent investors such as 500 startups, Y Combinator, Sequoia Capital, Techstars, and Plat Tech Center. These are some of the most active investors in the B2B E-commerce industry with numerous investments.

    Speaking of the industry, we have presented you with the list of B2B E-commerce startups in India in this article. So, let’s get started with it!

    B2B E-commerce startups

    ‌‌Udaan
    Ninjacart
    OfBusiness
    Zetwerk
    ShopX
    Bizongo
    Infra.Market
    Industrybuying
    WayCool
    Jumbotail
    ShopKirana
    Eunimart

    ‌‌Udaan

    Founded 2016
    Founders Amod Malviya, Vaibhav Gupta and Sujeet Kumar
    Headquarters Bangalore, India
    Category Ecommerce
    Website udaan.com

    Udaan - Top B2B Ecommerce Startup in India
    Udaan – Top B2B Ecommerce Startup in India

    Udaan is a prominent Indian business-to-business E-commerce platform that started in the year 2016. The company operates in a wide range of categories such as electronics, home and kitchen, lifestyle, pharma, FMCG, staples, toys, fruits and vegetables, and general merchandise.

    ‌‌The headquarters of Udaan is established in Bengaluru, India. As per recent media reports, the company gained a valuation of $3.1 billion. This further includes the venture partners of GGV Capital, Moonstone Capital, DST Global, Altimeter Capital and Tencent, Octahedron Capital, and many more.

    Ninjacart

    Founded 2015
    Founders Ashutosh Vikram, KartheeSwaran KK, Sharath Loganathan, Sachin Jose, Thirukumaran Nagarajan, Vasudevan Chinnathambi
    Headquarters Bangalore, India
    Category Logistics, Supply Chain
    Website ninjacart.in

    Ninjacart - Top B2B Ecommerce Startup in India
    Ninjacart – Top B2B Ecommerce Startup in India

    Being revolutionary in freshly producing supply chains directly from the farmers to the businesses all across India, Ninjacart is built with advanced technology. The company is considered a pioneer in solving one of the major supply chain problems of the world through advanced technology. They guarantee the supply of products from farmers within 12 hours only.

    Moreover, Ninjacart is the first platform that worked for the benefit of farmers, consumers, and retailers altogether.

    Because of this innovative supply chain method, the farmers benefited from a 20% enhanced revenue stream, payment within 24 hours, and transparent weighing. While, the retailers enjoy competitive pricing, high-quality graded produce, and doorstep delivery.

    OfBusiness

    Founded 2015
    Founders Asish Mohapatra, Bhuvan Gupta, Ex Chandranshu Sinha, Nitin Jain, Ruchi Kalra, Srinath Ramakkrushnan, and Vasant Sridhar
    Headquarters Gurgaon, India
    Category Fintech, NBFC, Lending
    Website ofbusiness.com

    OfB Tech - Top B2B Ecommerce Startup in India
    OfB Tech – Top B2B Ecommerce Startup in India

    OFB Tech, commonly known as OfBusiness is driven by innovative technology that facilitates raw material procurement and credits it for SMEs with a key focus on infrastructure and manufacturing sectors.

    This affects the purchasing behavior of SMEs and brings out better products at better pricing, within better timelines to customers along with comprehensive support both offline and online.

    The key materials that OfBusiness provides are chemicals, metals, Agri commodities, polymers, petrochemicals, and building materials.

    ‌‌Additionally, OFB Tech provides SMEs access to services like purchasing raw materials, cash flow-based financing, using the NBFC’s Oxyzo Financial Services, etc.

    Zetwerk

    Founded 2018
    Founders Vishal Chaudhary, Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma
    Headquarters Bengaluru, India
    Category Industrial Machinery Manufacturing
    Website zetwerk.com

    Zetwerk - Top B2B Ecommerce Startup in India
    Zetwerk – Top B2B Ecommerce Startup in India

    Being an Indian business-to-business marketplace, Zetwerk is built for manufacturing items. The company sells goods such as parts of a crane, chassis of various machines, doors, and ladders. It mainly operates to serve those businesses of casting, fabrication, forging, and machining.

    Recently, the company has closed a significant amount of funding rounds based on its operations across the nation and benefiting local businesses to find customers all across the world. In recent reports, $210 million was raised by Zetwerk in its Series F financing round led by Greenoaks Capital in December 2021.

    ShopX

    Founded 2015
    Founders Amit Sharma, Apoorva Jois
    Headquarters Bengaluru, India
    Category Ecommerce
    Website shopx.in

    ShopX - Top B2B Ecommerce Startup in India
    Founders of ShopX – Top B2B Ecommerce Startup in India

    ShopX is counted among the fastest-growing B2B e-commerce platforms and was founded in 2015 by Apoorva Jois and Amit Sharma. The company is pretty famous among retailers as it provides tons of benefits to them. It was developed in a way to ease the use of technology for organizing commerce and make it accessible and preferable for the needy one.

    ShopX has brought social and economic impact on the economy of India and highly values long-term sustainability in this sector.

    ‌‌With its proprietary technology, the company has transformed retailers by creating a technology-enabled platform that contains all the services required by retailers in engaging more customers. Through ShopX, retailers get access to the latest products and various services.

    How to Use BigCommerce to Boost Your B2B Ecommerce Experience?
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    Bizongo

    Founded 2015
    Founders Aniket Deb, Sachin Agrawal, and Ankit Tomar
    Headquarters Mumbai, India
    Category Supply Chain Management
    Website bizongo.com

    Bizongo - Top B2B Ecommerce Startup in India
    Bizongo – Top B2B Ecommerce Startup in India

    Bizongo was founded in 2013 by three IIT graduates, Ankit Tomar, Aniket Deb, and Sachin Agrawal, as a digital marketplace for all those holistic B2B packaging solutions. The company transforms the shattered, unorganized B2B segment with the unique concept of customized goods.

    Today, Bizongo provides packaging, apparel, textiles, and various other contract manufacturing products to the network of more than 1500 curated manufacturers.

    In addition to this, the company offers supply chain automation, digital vendor management, and supply chain financing to enterprise customers through its proprietary digital platforms of Partner Hub, Procure live, and Artwork flow.

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    Infra.Market

    Founded 2016
    Founders Aaditya Sharada, Souvik Sengupta
    Headquarters Maharashtra, India
    Category Wholesale building materials
    Website infra.market.com

    Infra.Market - Top B2B Ecommerce Startup in India
    Infra.Market – Top B2B Ecommerce Startup in India

    Being a unicorn, Infra.Market is a construction-based solution that creates the largest multi-product building materials brand across India. Through the usage of advanced technology and scaling innovation, Infra.Market has been transforming the whole ecosystem. They produce a wide range of lifestyle and building material products for interior spaces.

    The company was started in the year 2016 and within a few years, it emerged as one of the fastest-growing B2B e-commerce platforms in India. And as a tech-first company, Infra.Market shines in both B2B as well as B2C sectors by fulfilling a great range of requirements.

    The market size of business-to-business (B2B) e-commerce in India in 2021, with forecasts from 2022 until 2025 in Billion US Dollars
    The market size of business-to-business (B2B) e-commerce in India in 2021, with forecasts from 2022 until 2025 in Billion US Dollars

    Industrybuying

    Founded 2013
    Founders Rahul and Swati Gupta
    Headquarters New Delhi India
    Category Logistics
    Website industrybuying.com

    Industrybuying - Top B2B Ecommerce Startups in India
    Industrybuying – Top B2B Ecommerce Startups in India

    Another widely preferred B2B e-commerce platform is Industrybuying which is an online marketplace built mainly for industrial supplies. Through this platform, users can easily browse several product categories and search using titles and brands.

    As per the reports of 2015, Industrybuying hosted over 500 brands, 1000 suppliers, and around 1.5 lakh products online. Plus, the company has a great omnichannel presence that includes both online e-commerce and offline corporate customers.

    WayCool

    Founded 2015
    Founders Karthik Jayaraman, Sanjay Dasari
    Headquarters Chennai, India
    Category Agritech
    Website waycool.in

    WayCool - Top B2B Ecommerce Startups in India
    WayCool – Top B2B Ecommerce Startups in India

    Being one of the fastest-growing Agri-Tech companies, WayCool has majorly impacted the food economy of India. It was founded in July 2015 to develop the largest food supply chain and distribution services across the world. And as per statistics, WayCool is known to impact around 500,000 farmers’ lives.

    Currently, the company manages more than 900 tons of food items every day, coming from 1,00,000 clients and a farmer’s network of above 85000 across 50 Indian regions. Their services include food processing, sourcing, branding and marketing, farm inputs, and last-mile distribution.

    The company utilizes the approach of a tech-enabled supply chain, by merging physical as well as digital business models.

    Jumbotail

    Founded 2015
    Founders Ashish Jhina, Karthik Venkateswaran
    Headquarters Bangalore, India
    Category Ecommerce
    Website jumbotail.com

    Jumbotail - Top B2B Ecommerce Startups in India
    Jumbotail – Top B2B Ecommerce Startups in India

    By serving more than 50,000 Kirana stores, Jumbotail is a virtual B2B marketplace containing wholesale food and grocery. The company retransforms the value chain of food and grocery through the usage of data science, technology, and design. It connects thousands of grocery retailers (Kirana stores and supermarkets) with brands and staple producers.

    ‌‌They offer a wide range of high-quality staples, personal care, home care, and packaged food products from the leading staples producers and brands.

    ShopKirana

    Founded 2015
    Founders Sumit Ghorawat and Deepak Dhanotiya and serial entrepreneur Tanutejas Saraswat
    Headquarters Indore, India
    Category Supply Chain Management
    Website shopkirana.com

    ShopKirana Go-To-Market Channel For Goods And Services
    ShopKirana – Top B2B Ecommerce Startups in India

    ShopKirana is a B2B e-commerce platform that directly connects retailers to brands with the power of technology. It aims to empower retailers by offering advanced technology, scale advantage, and operational expertise.

    ShopKirana works with the idea of gathering millions of retailers and building the fastest and largest go-to-market channel for goods and services.

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    Eunimart

    Founded 2017
    Founders Archana Shah, Shayak Mazumder
    Headquarters Hyderabad, India
    Category Supply Chain Management
    Website eunimart.com

    Eunimart - Top B2B Ecommerce Startups in India
    Eunimart – Top B2B Ecommerce Startups in India

    Eunimart, the startup is famous for helping brands and manufacturers to sell their products through prominent e-commerce platforms such as Shopify, Amazon, and some local channels. Along with this, it helps in exploring the options of retail and B2B channels for sales to sellers.

    Eunimart creates an end-to-end ecosystem consisting of more than 30 shipping partners and fulfillment partners across the Middle East, South East Asia, and India.

    Additionally, the company offers a proper supply chain management system that includes warehouse management, global management, vendor management, and inventory management.

    ‌‌Apart from all this, what makes Eunimart unique is the insights they offer. This helps increase revenue for the brands triple than usual and reduces the cost by 35% using AI tools. It mainly helps by predicting sales and optimizing everything.

    Conclusion

    In conclusion, we can say that the B2B e-commerce industry is growing massively with the key interest of prominent investors. There are above 3.7K startups as per the reports of 2019 and the number is surely growing.

    With the large sum of funding, the industry is adopting new technologies and advancements to make it grow. In the upcoming years, we’ll see more growth and development in this sector.

    FAQs

    What are the 4 types of B2B?

    The four main types of B2B are manufacturers, resellers, service providers, and government.

    Which is the largest B2B company in India?

    IndiaMART is considered the largest B2B company in India.

    What are the top 10 B2B portals in India?

    India’s top 10 B2B portals are Udaan, Alibaba, IndiaMART, Tradeindia, Power2SME, ExportersIndia, Amazon Business, eWorldTrade, eIndiabusiness, and Global Trade Bazaar.

    Is Amazon a B2B or B2C?

    Amazon is a B2C platform. It is one of the largest B2C e-commerce platforms in the world.

  • List of Leading Agritech Companies in India in 2022

    India has the second-largest agricultural land in the world. About 60% of rural Indian households make their living from agriculture. The agro-based industry saw growth at a CAGR of 16.4% from FY10 to FY18.

    Agricultural exports from India reached US$ 38.54 billion in FY19 and in FY20 (till November 2019) US$ 22.69 billion. With many initiatives for farmers, the government aims to double farmers’ income by 2022. So we have compiled a list of agriculture startups in India that are making a name and increasing their growth in quick succession.

    The agriculture sector in India is suffering from a variety of problems like the use of outdated equipment, improper infrastructure, and farmers unable to access a wider range of markets with ease while making just limited profits on crop sales. Proper infrastructure and supply chain management are the more pressing concerns.

    With improvements in areas of technology, digitization and startup culture growing rapidly, there are many new ones entering the Indian startup ecosystem. The Agri startups in India are providing information, techniques and efficiencies to farmers.

    Let’s look at some of the best agritech startups in India

    1. SFarmsIndia
    2. KhetiGaadi
    3. Farm2Fam
    4. Crofarm
    5.Bombay Hemp Company
    6. Aarav Unmanned Systems
    7. Aibono
    8. AgricxLab
    9. Cropin
    10. Fasal
    11. Gold Farm
    12. Ninjacart
    13. Waycool
    14. Intello Labs
    15. Agrowave
    16. BharatAgri
    17. BigHaat
    18. Bijak
    19. Clover Ventures
    20. Ergos
    21. FreshoKartz
    22. MeraKisan

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    1. SFarmsIndia

    Founded In – 2018

    Headquarters – Hyderabad

    Founders – Kamesh Mupparaju, Linus Lindgren    

    Total Funding Received – $50k

    SFarmsIndia Website
    SFarmsIndia Website

    Founded by Kamesh Mupparaju and Linus Lindgren in 2018, SFarmsIndia is an online web application with two core functions; listing and fraction trading.

    These two functions work together creating a great synergy. On the listing platform, buyers can find/search agricultural lands and sellers can list/post the agricultural lands for sale/lease.

    On the other hand, SFarmsIndia’s main USP is that it makes an agreement with the seller (Agri-realty developer) to issue fractions by digital land contract against their lands.

    Each agricultural land is assigned with a digital contract and divided into 2000 fractions per acre, thereby enabling medium to small income groups to acquire lands easily. After owning the fraction, people can sell it directly through the trading platform.

    Technology is the core of SFarmsIndia’s business operations. Using technology, they intend to create an effective and efficient platform for Agri-lands that can eliminate the middlemen who inflate the prices.

    Growth Timeline of SFarms India
    Growth Timeline of SFarms India

    2. KhetiGaadi

    Founders – Pravin Shinde and Vishnu Dhas 

    Founded In – 2018

    Headquarters – Pune  

    Total Funding Received – Bootstrapped

    Khetigaadi.com Website
    Khetigaadi.com Website

    Founded by Pravin Shinde and Vishnu Dhas, Khetigaadi.com is the world’s first platform where one can buy, sell, rent, compare and review tractors and farm machinery, all with a simple click. It has been established to encourage farm mechanization and usage of technology and hi-tech products in agriculture to optimize yield in fewer man-hours.

    Built on high-tech angular technology, the agritech company KhetiGaadi portal is as safe as any online banking portal. To make the platform user-friendly for the farmers, KhetiGaadi has made it available as an App in 10 languages and the company’s website can be viewed in 3 different languages, English, Hindi and Marathi. It is connected with 50 lac farmers.

    The concept is techno-savvy and compatible with iOS as well as Android. They reached 5 Lac downloads in 2020 and more than 8 lac downloads as of 2022.

    Khetigaadi’s GMV for 2021 was INR 500 Crore. As of 2022, this agritech startup is looking to raise funding & expected to triple the GMV to INR 1500 crore and INR 2500 Crore by 2023.

    Growth Timeline of KhetiGaadi
    Growth Timeline of KhetiGaadi

    3. Farm2Fam

    Founder – Keya Salot

    Founded In – 2019

    Headquarters – Mumbai

    Total Funding Received – NA

    Farm2Fam Website
    Farm2Fam Website

    Farm2Fam is a Mumbai based startup which grows microgreens free from pesticides, herbicides and chemicals and delivers them straightly to the customer’s doorstep.

    Farm2Fam aims to create awareness about the capacity of the human body to heal itself with natural nutrition. Their intention is to use technology in combination with traditional Indian agricultural methods to grow niche nutritional products.

    Farm2Fam was founded in January 2019 by Keya Salot. She is a law graduate and worked with reputed law firms prior to starting Farm2Fam. This Microgreen-based agritech startup is soon going to partner with marquee brands like Pizza Express, Bay Route and White Charcoal. It sees itself in every household with a target of 300+ consumers per month.

    Growth Timeline of Farm to Farm
    Growth Timeline of Farm to Farm

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    4. Crofarm

    Founder – Varun Khurana, Prashant Jain

    Founded In – 2016

    Headquarters – Delhi

    Total Funding Received – $3.8 Million

    Crofarm Website
    Crofarm Website

    Crofarm is an agricultural startup that was founded by Prashant Jain and Varun Khurana in May 2016 and is an F2B i.e. Farm to Business venture. Its platform has over 10,000 farmers on its network and has also partnered with Reliance Retail, Big Basket, Grofers, Big Bazar, Jubilant Foodworks and Metro Foods.

    Crofarm generates revenue through commission. Starting from nearly 5% of the price in case of fewer perishables, like onions and potatoes, around 15% of the price of green vegetables, and 20-25% in case of fruits and exotics.

    They procure products that have a longer shelf life from national sourcing zones and other products from regional sourcing zones. Crofarm is counted among one the leading agritech startups in India.

    The company has also raised $1.5 million in seed funding from investors like Mukul Singhal and Rohit Jain, former Principals at SAIF Partners and recently raised $1 million from Smile Group for pre-series A round and entered B2B2C space with the launch of Otipy in 2020.

    Growth Timeline of Crofarm
    Growth Timeline of Crofarm

    5.Bombay Hemp Company

    Founder – Avnish Pandya, Chirag Tekchandaney, Delzaad Deolaliwala, Jahan Peston Jamas, Sanvar Oberoi, Sumit Shah, Yash P. Kotak

    Founded In – 2013

    Headquarters – Mumbai

    Total Funding Received – $5.9 million

    Bombay Hemp Company Website
    Bombay Hemp Company Website

    BOHECO – Bombay Hemp Company – is a Mumbai-based social enterprise founded in 2013 to research and promote industrial hemp. Their operations range from research, cultivation, harvesting, processing, manufacturing, trading, wholesaling, retailing, innovating, creating a market for and promoting Indian industrial hemp both across the country and around the world.

    Bombay Hemp Company uses public-private partnership, contractual farming and processing, subsidiaries and collaborative research models with the aim to build an industrial hemp ecosystem.

    Boheco is an agro-based startup that is reinventing the future of agriculture and sustainable living with hemp as its lens in India. The startup harnesses the power of agriculture by advocating industrial Hemp and its benefits to society.

    They give assistance to local farmers in cultivating their crops by providing optimum seeds, best practices in cultivation techniques and innovating the Agro-products.

    Growth Timeline of Bombay Hemp Company
    Growth Timeline of Bombay Hemp Company

    6. Aarav Unmanned Systems

    Founder – Nikhil Upadhye, Suhas Banshiwala, Vipul Singh, Yeshwanth Reddy

    Founded In – 2013

    Headquarters – Bengaluru

    Total Funding Received – $748.5K

    Aarav Unmanned Systems Website
    Aarav Unmanned Systems Website

    Aarav Unmanned Systems is a drone startup that manufactures unmanned aerial vehicles. It was incubated at IIT Kanpur with a team of designers, developers, artists, and engineers from IIT Kanpur, IIT Bombay, IISC Bangalore & IIST.

    They aim to build the future of drones and their applications in the enterprise space. The company’s drones provide high-value engineering solutions to enterprises across geographic information system surveying/mapping, industrial inspection and precision agriculture. Thus, it holds the potential for making precision agriculture scalable in the nation, which is far behind in employing this type of technology.

    They provide accurate 3D representations of the terrain surface and they can transform and change the way decisions are made in agriculture through their solutions to optimize irrigation, fertilization, pesticide distribution and early failure warnings. This Agritech Startup’s recent funding came in 2018 as a pre-series A round from GrowX Ventures, 500 Startups and Bellwether Advisors.

    Growth Timeline of Aarav Unmanned Systems
    Growth Timeline of Aarav Unmanned Systems 

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    7. Aibono

    Founder – Vivek Rajkumar

    Founded In – 2014

    Headquarters – Bangalore

    Total Funding Received – $5.5 million

    Aibono Website
    Aibono Website

    Aibono is founded by IIT Madras graduate Vivek as Airwood Aerostructures and rebranded as Aibono, which is a company that provides farming-related intelligence, technology, expertise and gadgets to farmers.

    The startup advises farmers on the right amount of inputs to use for maximum yield. They began in the niche area of providing Farm Management-as-a-Service whereby, a farmer gets to outsource his entire measurement, production management and decision-making processes to a Service.

    The agritech company has helped in increasing yields by nearly 50% for about 140 farmers. It works within the Nilgiri hills in Tamil Nadu. Precise day-to-day interventions to farmers are given by centrally managed Data Science and Recommendation Engines enabled by its data scientists and agronomists, which results in a 30 to 50% increase in yields.  

    Aibono recently raised $2 million in fresh capital from Rebright Partners and Mitsui Sumitomo Insurance Venture Capital taking its total funding to $5 Million.

    Growth Timeline of Aibono
    Growth Timeline of Aibono

    8. AgricxLab

    Founder – Ritesh Dhoot, Saurabh Kumar

    Founded In – 2010

    Headquarters – Thane

    Total Funding Received – $775k

    AgricxLab is a Thane-based online B2B platform founded by Ritesh Dhoot and Saurabh Kumar for connecting cold storage owners with bulk buyers for agri-products. They use smartphone imaging to assess the quality of Agri-produce through its mobile app which uses artificial intelligence and computer vision to on images to yield objective, accurate and faster quality assessment of agri-produce.

    Agricx offers solutions to warehouses and enterprise clients with a plan to expand across the food production supply chain. The startup has raised a total funding of $500K from various investors, including Ankur Capital.

    Growth Timeline of AgricxLab
    Growth Timeline of AgricxLab 

    9. Cropin

    Founder – Krishna Kumar

    Founded In – 2010

    Headquarters – Bengaluru

    Total Funding Received – $32.6 million

    Cropin Website
    Cropin Website

    Cropin is an agritech startup that integrates the agricultural sector with Information and Communication Technology by putting a network of ERP and BI i.e. Business Intelligence across rural India.

    It is a Full-Stack Agritech organization providing smart SaaS-based solutions to agritech businesses globally. Cropin collaborates with the different value chain participants along the supply chain to monitor the farm produce status closely.

    They provide farm businesses a farm management software and a mobile app, which enables them to do connected and data-driven farming.

    It allows farm businesses to take advantage of real-time data and insight from farms with the help of an accurate view of their operation throughout the growing season and to improve financial, operational and agronomy aspects.

    Cropin uses cutting-edge technologies, Big Data analytics, Artificial Intelligence, Geo-tagging & Satellite monitoring to revolutionize the agri-ecosystem. This agriculture startup has raised a total of $32.7 Million in funding to date, with its recent Series C round in 2021 for $20 Million from ABC World Asia.

    Growth Timeline of Cropin
    Growth Timeline of Cropin

    10. Fasal

    Founder – Shailendra Tiwari and Ananda Verma

    Founded In – 2018

    Headquarters – Bangalore

    Total Funding Received – $9.9 million

    Fasal Website
    Fasal Website

    FASAL is a Bengaluru-based agritech platform founded by Ananda Verma and Shailendra Tiwari in 2018 which is developed by Wolkus Technology Solutions and is an AI-powered platform for the agricultural ecosystem.

    It records a variety of growing conditions on the farm and then uses artificial intelligence and data science to make on-farm predictions, before delivering the insights anywhere on any device including Android, iOS, tablets and the web.

    FASAL has saved close to 3 Billion Liters of freshwater to date. This agritech startup is on a course to the close FY21 with 1000 farms and 20, 000 acres of land under its purview. It is also looking to hit an annual revenue run rate of $1 million.

    Growth Timeline of Fasal
    Growth Timeline of Fasal

    11. Gold Farm

    Agriculture Startup Gold Farm
    Founded In 2012
    Headquarters Bangalore
    Founders Abhilash Thirupathy
    Investors Mahindra Rise, Infuse Ventures, Intellecap

    Founder – Abhilash Thirupathy

    Founded In – 2012

    Headquarters – Bangalore

    Total Funding Received – $2.5 million

    Gold Farm is a Bangalore-based agritech company founded in 2012 which is based on the mobile app to provide agriculture farm equipment through booking farm agents. It was founded by Abhilash Thirupathy.

    They provide solar water pumps for agriculturist farming in power shortfall regions in our country. Gold Farm provides an opportunity door to the farmers to book farm equipment through the call service and mobile application.

    Currently, Gold Farm runs over 250 booking agents and 500 tractor owners connected to their mobile app. They aim at enhancing the growth and sustainability of farmers by structuring productive ecosystems through innovation and technology. The startup has raised total funding of $3 million.

    Growth Timeline of Gold Farm
    Growth Timeline of Gold Farm

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    12. Ninjacart

    Founder – Ashutosh Vikram, Kartheeswaran K K, Sharath Loganathan, Thiru Nagarajan, Thirukumaran Nagarajan, Vasu Devan

    Founded In – 2015

    Headquarters – Bangalore

    Total Funding Received – $367.1 million

    Ninjacart Website
    Ninjacart Website

    Ninjacart is one of the leading Bangalore-based agriculture supply chain companies in India. It was founded by Thirukumaran Nagarajan in 2015. It currently moves more than 60 tons of produce a day from farm to store in less than 14 hours at a lower than traditional supply chain.

    Ninjacart helps more than 2,000 farmers to sell more than 80 vegetables and fruits every day to more than 800 retailers and restaurants in Bengaluru. They also claim to have wasted 4% wastage in the entire supply chain.

    As of 2021, Ninjacart raised total funding of around $194.2 Million of which Flipkart and Walmart recently invested $30 Million in this agritech supply chain startup. Currently, Ninjacart is equipped to move 1400 tons of perishable from farms to businesses, every day, in less than 12 hours.

    13. Waycool

    Founder – Sanjay Dasari

    Founded In – 2015

    Headquarters – Bangalore

    Total Funding Received – $221.5 million

    Waycool Website
    Waycool Website

    Waycool is India’s fastest-growing agricultural startup and food distribution company that has a network of 35,000 farmers across vegetables, fruits, rice, pulses and other food products.

    It was established in July 2015 with the aim of fixing the disorganized perishable supply chain. They have a retail presence, currently present in Chennai through the brand SunnyBee, operating retail stores, mobile stores on trucks, as well as e-commerce.

    They also have a large number of high-quality private label products that SunnyBee produces and brands through partnerships with sister companies.

    Waycool has raised total funding of $64.9 Million, of which its recent funding came in 2021 from Lightbox Ventures ($32 Million – Series C), IndusInd Bank ($5.5 million – debt) and $7.8 Million came from Samunnati, RBL Bank and InnoVen Capital. Waycool is actively using 19 technologies for its website and has a $2 million estimated revenue annually.

    Growth Timeline of Waycool
    Growth Timeline of Waycool

    14. Intello Labs

    Founder – Milan Sharma, Nishant Mishra, Himani Shah and Devendra Chandani

    Founded In – 2016

    Headquarters – Gurgaon

    Total Funding Received – $13.7 million

    Intello Labs Website
    Intello Labs Website

    Intello Labs does a quality assessment of food commodities using computer vision and AI. Intello Labs help food businesses like growers, traders, retailers, food service companies, exporters, etc. to improve their customer satisfaction and cut down losses.

    Intello Labs reports being aggressively growing in India while also pursuing global markets, including the likes of China, Southeast Asia, and the USA. Some of Intello Labs’ larger clients include Reliance Fresh, Dole, Ocean Spray, and many of the leading e- grocery companies in China and Southeast Asia. In 2020, Intello Labs raised $5.9 million, which is approximately Rs 45 crore, in Series A funding led by Saama Capital.

    Growth Timeline of Intello Labs
    Growth Timeline of Intello Labs

    15. Agrowave

    Founder – Anu Meena

    Founded In – 2017

    Headquarters – Delhi

    Total Funding Received – $2.6 million

    Agrowave Website
    Agrowave Website

    Founded by Anu Meena, Agrowave is an Agritech company that aims at helping farmers by directly connecting them to businesses and constructing sustainable supply chain management.

    It has built several pick-up stations for farmers where they can load their products and that they don’t have to travel very far to sell them. It has a mobile app running on IOs and Android, where farmers sell their produce, the delivery trucks pick up the produce from farmer gates and pick-up stations and allow hassle-free payments. This produce is then delivered through systematic route mapping to the end customers.

    Anu Meena, alumni of Delhi IIT, conceived this brainchild after witnessing the struggles and challenges of her grandfather back in Rajasthan who happens to be a farmer himself. She aims at simplifying business for farmers all over by eliminating middlemen and giving farmers the best price for their produce.

    Growth Timeline of Agrowave
    Growth Timeline of Agrowave

    16. BharatAgri

    Founder – Sai Gole, Siddharth Dialani

    Founded In – 2017

    Headquarters – Pune

    Total Funding Received – $21 million

    BharatAgri Website
    BharatAgri Website

    BharatAgri is a personalized service where farmers are educated about the crop they’re planning to plant and provides complete guidance and expertise on how to grow it.

    The service includes expertise on pesticides and critical advisory on weather and soil analysis.  It ensures maximum yield on production with timely analysis of production costs.

    BharatAgri lends support at every stage of farming through offline and online technology including In-App chat support, Interactive voice response (IVR), and Whatsapp.

    Co-founders Sai Gole and Siddharth Dialani quit their high-paying jobs in 2017 to learn about the challenges that farmers face and lived in a village near Pune to understand and implement their IIT learning experience into practice and find solutions to farmers’ woes.

    With a farmer base of 3000 onboard, the agritech startup has now shifted to the B2F (Business to Farmer) model, so that they can provide better services to farmers needing technical help through digital farming.

    Growth Timeline of BharatAgri
    Growth Timeline of BharatAgri

    17. BigHaat

    Founder – Satish Nukala, Sachin Nandwana

    Founded In – 2015

    Headquarters – Bangalore

    Total Funding Received – $16.1 million

    BigHaat Website
    BigHaat Website

    BigHaat is an Agri input and digital marketplace for farmers who seek guidance and information on various aspects of farming. The company has a wide range of services and products such as advisory services related to crop nutrition and farming, products such as seeds, agricultural machinery, and much more.

    It has also built an Agri platform in collaboration with Microsoft, called Kisan Vedika which addresses issues and queries through experts in regional languages. BigHaat’s marketing team works both offline and online to acquire a customer base.

    In addition to this, they offer a support channel that is also available for any queries. The farmers have to give a missed call on the designated number and the Agri expert will revert with the necessary guidance.

    Founded in 2015 by Satish Nukala and Sachin Nandwana, BigHaat boasts about providing Agri advisor services and products to 4 million farmers in the country. BigHaat has raised 2 million in its latest funding series through investors such as Ankur Capital, Rockstud Capital, and Beyond Next Ventures.

    Growth Timeline of BigHaat
    Growth Timeline of BigHaat

    18. Bijak

    Founder – Nikhil Tripathi, Mahesh Jakhotia, Nakul Upadhye, Jitender Bedwal, Daya Rai

    Founded In – 2019

    Headquarters – Gurugram

    Total Funding Received – $33.9 million

    Bijak Website
    Bijak Website

    Bijak is an Agri commodities exchange platform that aims to bridge the gap between buyers and sellers. It also acts as a bookkeeping app that helps you keep all transactions and related documents on your phone.

    Bijak helps buyers with quick loan disbursals and immediate payments to suppliers, with real-time, hassle-free payments. It is spread over 27 cities and union territories and covers more than 100 agricultural commodities on its platform.

    The B2B platform was founded in 2019 by a team of five: Nikhil Tripathi, Mahesh Jakhotia, Nakul Upadhye, Jitender Bedwal, and Daya Rai. It has raised close to $33.9 million in funding. The ambitious startup aims at providing buyers and sellers with considerable working capital and improved logistics.

    Growth Timeline of Bijak
    Growth Timeline of Bijak

    19. Clover Ventures

    Founder – Arvind M, Avinash B R, Gururaj S Rao, Santosh Narasipura

    Founded In – 2012

    Headquarters – Bangalore

    Total Funding Received – $14.6 million

    Clover Ventures Website
    Clover Venture Website

    Clover Ventures is a Bangalore-based agritech company that deals in the creation and management of farm networks in Karnataka, Telangana, and Andhra Pradesh. It aims at tapping several agricultural roadblocks faced by farmers such as complex and inefficient supply chain, consistency and quality issues, and lack of stable backend supply.

    It aims at creating and solidifying an organized supply chain for fresh produce. The company currently manages over 70 acres of farmland and provides fresh produce to various fine dines, Retail stores, food processors, and online Internet Kitchens.

    The logo with four leaves of the clover represents Arvind M, Avinash B R, Gururaj S Rao, and Santosh Narasipura, the co-founders of the company. The core functions of the company work on the model of the demand-backed supply chain for perishables. The key focus is on the quality of the produce, consistency, and traceability. The B2B company is about to launch a B2C service out of Bangalore and Hyderabad this year.

    Growth Timeline of Clover Venture
    Growth Timeline of Clover Venture

    20. Ergos

    Founder – Kishor Jha, Priyanka Kumari, Praveen Kumar

    Founded In – 2012

    Headquarters – Patna

    Total Funding Received – $27.5 million

    Ergos Website
    Ergos Website

    Ergos is one of the best agritech companies in India that facilitates storage for food grains and provides digitized solutions for the management of the same. Indian farmers who lack storage capacity often face grain loss in quantity and deterioration of quality and this leads to selling their produce at lower prices.

    Ergos helps them store their grains in their “Grain bank” and facilitates loans and supply chain management through networks with NBFCs and Banks. Farmers can always withdraw their produce, even a single bag of grains, at their disposal.

    The Patna-based startup was founded in 2012 by Kishor Jha, Priyanka Kumari, and Praveen Kumar. Ergos claims to support 25000 farmers so far and aims to extend its footprint outside Bihar by setting up 500-600 new grain Banks across various states. The company raised INR 81 crore in its recent funding round and is assertive in building better post-harvest and supply chain management.

    Growth Timeline of Ergos
    Growth Timeline of Ergos

    21. FreshoKartz

    Founder – Rajendra Lora, Nagendra Yadav

    Founded In – 2016

    Headquarters – Jaipur

    Total Funding Received – $1.6 million

    FreshoKartz Website
    FreshoKartz Website

    FreshoKartz is an eCommerce marketplace for farm-fresh produce, based in Jaipur Rajasthan. It offers various services such as soil advisory and products such as pesticides, seeds, fertilizers, etc for farmers.

    The company works on the on-demand procurement of fresh farm produce and helps farmers avail themselves right prices. FreshoKartz offers transparent weighing and immediate payment of the produce. It also offers financing facilities for farmers during the harvesting season.

    Founded in 2016 by Rajendra Lora and Nagendra Yadav, FreshoKartz is funded by iStart, an incubator run by the Rajasthan Government to support startups. Recognized by the government early on, the company has been provided with a co-working space and the best knowledge imparting mentors in the Agritech industry.

    These mentors help the company find VCs and angel investors. The company has also been awarded the Bamasaha techno fund worth INR 20 lakhs and a marketing fund worth INR 10 lakhs.

    FreshoKartz aims at eliminating middlemen in the process of selling fresh produce directly from the farmers to other businesses. Their B2B clientele so far includes ITC hotels, Hilton Jaipur, and several other commercial kitchens in Jaipur.

    Growth Timeline of FreshoKartz
    Growth Timeline of FreshoKartz 

    22. MeraKisan

    Founder – Prashant Patil

    Founded In – 2014

    Headquarters – Pune

    Total Funding Received – $1 million

    MeraKisan Website
    MeraKisan Website

    MeraKisan is an online marketplace for a wide range of freshly produced farm products. The farm-to-fork company aims to support local farmers by providing seasonal and regional fruits and vegetables directly to consumers. Its products range from pulses and cereals to exotic and seasonal vegetables along with superfoods and organic cooking oils.

    The company recently launched its own range of handcrafted juices, smoothies, salads, and refreshments under the brand Saboro Lounge. It also provides end-to-end soil advisory and other farming facilities.

    MeraKisan was roped in by a joint venture between Mahindra Univeg Pvt. Ltd and Belgium-based Univeg (Greenyard Foods). Prashant Patil, the founder of MeraKisan is an IT engineer by profession and started operating in 2014.

    Patil, through a fresh issue of shares, holds 66% of MeraKisan Pvt. Ltd. The company claims to have more than 500 sellers on its website. In March 2020, the Mahindra-backed company found a new investor in Ajinkya Rahane, the vice-captain of the Indian Test Cricket team.

    Growth Timeline of MeraKisan
    Growth Timeline of MeraKisan

    Conclusion

    This was our list of best agricultural startups in India. Hope this helps you in building your own agritech business. If you know any great agriculture startup which we should feature, please mention it in the comment.

    FAQs

    What is an agritech startup?

    An agritech startup is a startup that uses technology in the field of agriculture to help farmers.

    How many agritech startups are in India?

    There are nearly 1400 agritech startups in India.

    What are some of the top agritech startups in India?

    SFarmsIndia, KhetiGaadi, FarmtoFarm, Fasal, Ninjacart, and BharatAgri are some of the leading agritech startups in India.

  • Top Startups Funded By Trifecta Capital: A Rope To Reach Success

    To build a startup, one needs more than talent, perseverance, and desire. On that list of necessities, funds take the number one spot. For any kind of startup, getting funds is definitely not a piece of cake.

    Trifecta Capital with its existence makes acquiring funds a little bit easier for startups. The traditional way of getting a loan from a bank is not that easy, not every new company gets that help.

    Thankfully, venture debt like thing exists in reality. Trifecta Capital here plays a significant role. It is one of the companies that put its trust in the startups that have the potential to reach the peak of success. At this age, having someone, who puts their trust in you, is something, that is truly rare. Trifecta Capital lends its hands to new businesses and takes a pledge to rise with them together.

    We rise by lending a hand to others.

    -Svetlana Fernandes

    About Trifecta Capital

    Trifecta Capital is the first company in India, that provides venture debt to startups. It first steps its foot in the business world in the year 2014, as a venture debt firm. It was founded by Nilesh Kothari and Rahul Khanna. The firm mostly focuses on, early growth stage companies and had invested almost ₹1800 Crores from 2015 to 2020.

    At first, it launched with a ₹500 Crore fund. Trifecta with its ways gets to be a part of the growth of different companies. It has invested in over 70 companies and counting. Their aim is “Financial offering designed to help you at every step of your journey to success.”

    Trifecta definitely has one of the strongest portfolios. It has funded some big names in the business and has been a part of their growth process. Some of those companies are: Lets look at Business Funded By Trifecta Capital

    BigBasket
    Infra.Market
    PharmEasy
    DailyHunt
    ShareChat
    Cars24
    CarDekho
    Ninjacart
    Vedantu
    BharatPe
    FAQ

    BigBasket

    Bigbasket Logo
    Bigbasket Logo

    The largest online grocery store in India, Bigbasket delivers grocery and household items to the customers. Founded in 2011 by Hari Menon, Vipul Parekh, VS Ramesh, VS Sudhakar, and Abhinay Choudhari. BigBasket has taken an initiative to deliver fresh grocery items to the doorsteps of every household that demands them.

    BigBasket secured a new deal with Trifecta in July 2019 and fixed a venture debt of ₹100 Crores. Before that, in 2017, Trifecta lend its hand to BigBasket by providing a fund of ₹45 Crore. This time, BigBasket stated that the ₹100 Crores fund will mostly use in supply chains and warehouses. The Covid-19 pandemic led to a sharp 84% rise in the number of its consumers. As per the Financial year 2021, this e-commerce revenue is INR 3818.2 Crores.

    Infra.Market

    InfraMarket Logo
    InfraMarket Logo

    The construction solution company uses technology to organize the construction industry and make the price of materials more transparent. It was founded in the year 2016 by Aaditya Sharda and Souvik Sengupta. It deals with the real estate and construction industry and is a platform that connects clients to those who provide materials at an affordable cost.

    In the year 2020, Infra.Market raised ₹40 Crore as venture debt from Trifecta. It fund was reportedly used for geographical expansion. As per the year 2021, Infra.Market’s revenue is $700 million.

    PharmEasy

    PharmEasy Logo
    PharmEasy Logo

    Another online business, this time it deals with the purchase and delivery of medicine and other medical supplies. It is India’s finest pharmacy app. The best thing is, the customers receive the medicine within 48 hours of their order placement.

    It came into existence in 2014 and is founded by Dharmil Sheth, Dhaval Shah, and Mikhil Innani. It connects the consumers with pharmacy stores that are situated nearby and helps in getting medical supplies in just a click.

    Trifecta invested ₹15 Crore in PharmEasy in the December of 2017 as the venture debt. Later in 2018 E-pharmacy startup PharmEasy raised Rs 40 crore of debt from Trifecta. India’s top Pharmacy app decided to use the fund provided by Trifecta to develop their technology to establish more smooth performance. As per the financial year 2020, the revenue of PharmEasy is ₹637 Crore.

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    Dailyhunt

    Dailyhunt Logo
    Dailyhunt Logo

    This mobile application software has taken it upon itself to provide news on all trending topics. Founded in the year 2007 by Umang Bedi, Umesh Kulkarni, and Virendra Gupta, it is serving Indian customers every day since then. It is based in Bangalore, India.

    Trifecta has invested a confidential amount of money in Dailyhunt. As per the financial year of 2020, the revenue of Daily Hunt is ₹310 Crore

    ShareChat

    ShareChat Logo
    ShareChat Logo

    It is a social media and social networking service (SNS) founded in the year 2015 by  Ankush Sachdeva, Bhanu Pratap Singh, and Farid Ahsan. The best part is, it is available in 15 regional languages of India. As its name suggests one can share content and it has the feature of the direct message as well.

    In the year 2020, ShareChat secured a deal with Trifecta and got a venture debt of $8.86 million. The revenue of ShareChat is ₹38.12 Crore as per the financial year of 2020.

    Cars24

    Cars24 Logo
    Cars24 Logo

    Cars24 is an online marketplace to buy and sell previously owned cars and bikes. It was founded by Gajendra Jangid, Mehul Agrawal, Ruchit Agarwal, and Vikram Chopra in 2015. It is now quite easy to sell a car, which was quite a hassle before, thanks to Cars24. It is considered one of India’s fastest-growing marketplaces for selling used cars.

    In 2017, the then two-year-old company was able to strike a deal with Trifecta. At that time, Trifecta invested a non-disclosed amount in the company. This time, Cars24 seal a deal of ₹100 Crore from the venture debt firm Trifecta in June 2021.

    With the demand spurring for used cars in the country, Cars24 will use this fund to make its business more strong in the industry. In return, this will help it become a strong competitor for its rival businesses. The revenue of Cars24 is ₹1688 Crore.

    CarDekho

    CarDekho Logo
    CarDekho Logo

    This is an online platform where one can sell and buy cars. It provides every bit of information about the automobile industry. It is based in Gurgaon, India, and was founded in the year 2007 by Amit Jain and Anurag Jian.

    In the year 2018 CarDekho raises a fund of $3.6 million from Trifecta and in 2021 they again got venture debt of ₹100 Crore. As per the financial year 2020, the revenue of CarDekho is ₹240 Crore.

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    Ninjacart

    Ninjacart Logo
    Ninjacart Logo

    It is considered India’s largest platform of the fresh produce supply chain. It was founded by Ashutosh Vikram, Sharath Babu Loganathan, Thirukumaran Nagarajan, Vasu Devan in the year 2015. It helps in distributing fruits and vegetables directly from farmers to buyers.

    In the year 2018, Ninjacart raised ₹7 Crore venture debt from Trifecta Capital, and again in 2019, it secured a deal venture debt of almost ₹20 Crore. As per the report, the funding is being used for the growth of infrastructure and the technology Ninjacart uses. The revenue of this company in the 2020 financial year is ₹469 Crore.

    Vedantu

    Vedantu Logo
    Vedantu Logo

    Founded in the year 2011, Vedantu is an online tutoring platform for students. Here, one can find any subject tutor according to their choice and indulge with them in studies. The platform provides ‘LIVE’ one on one session between the teachers and the students. It is created by Vamsi Krishna, Pulkit Jain, Saurabh Saxena, and Anand Prakash.

    The app is extremely popular among students as it provides online tutoring. With superior technology, they are trying to engage in building up the biggest learning platform for students. It focuses on providing quality education and good teachers to the users of the app.

    The venture debt firm Trifecta invests ₹9.42 Crore in Vedantu in the year 2019. This made the online platform’s value $100 million. Vedantu caters to the needs of over 40,000 students from all over the country.

    BharatPe

    BharatPe Logo
    BharatPe Logo

    Founded in the year 2018 by Ashneer Grover, Bhavik Koladiya, and Shashvat Nakrani, this financial service provider company mostly deal with payments via UPI. Based in New Delhi, India this company provides loans to its traders as well.

    Trifecta funded ₹50 Crore to this Fintech company in 2021, the fund will be used for the growth of the lending business. The revenue as per the financial year of 2021 is ₹700 Crore.

    Future Plans of Trifecta Capital

    Trifecta is trying to help the startups that have high growth potential by providing them with funds and have a mission to make India one of the main hubs of Startups.

    Conclusion

    We live in a time where getting funds to begin with a startup is quite difficult. Trifecta started their journey to be the hope for those budding startups that showcase high growth and has a possibility of becoming a big brand in the near future. It is working and lending a helping hand to the dreamers to make their dream a reality, thus, their motive is to rise by lifting others.

    Some of these companies are breaking the business world every day and proving their mettle by keeping the trust of Trifecta. Let’s learn about those companies a little bit.

    FAQ

    Where is Trifecta Capital Located?

    Trifecta Capital is based and operates from Mumbai.

    How much Trifecta Capital has invested?

    Trifecta Capital has invested over ₹2200 Crore since 2015.

    Who is the founder of Trifecta Capital?

    Nilesh Kothari and Rahul Khanna are the founders of Trifecta Capital.

  • [BtS] Thirukumaran Nagarajan on Growth and Supply Chain @ Ninjacart

    This article is part of Behind the Scene series by StartupTalky where we bring you the insights on how a company operates at ground level.
    Source ~ from the horse’s mouth that is as told by the founders, core management.

    Ninjacart is Bengaluru based India’s largest B2B fresh produce supply chain company. It is a pioneer in solving one of the toughest supply chain problems of the world by leveraging innovative technology. Their high-quality and hygienically handled fresh produce ensures healthy food to consumers, with a promise of delivery within 12 hours!

    Founded by Ashutosh Vikram, Kartheeswaran KK, Sharath Loaganathan, Sachin Jose, Thirukumaran Nagarajan and Vasudevan Chinnathambi in 2015, Ninjacart has successfully built a tech-enabled supply chain for fresh farm produce, delivering over 1,400 tons of fruits and vegetables daily. Ninjacart has become India’s one of the largest Fresh Produce Supply Chain platform.

    StartupTalky interviewed Thirukumaran Nagarajan (Co-founder & CEO of Ninjacart) to get insights on how he is Operating India’s One of the Top Supply Chain Startups Ninjacart. In this post, you’ll get a complete insight on Ninjacart’s Supply chain model, how it functions, Ninjacart’s business model, growth hacks & more.

    And here’s what Mr. Thirukumaran Nagarajan has got to say –

    Gradual Growth of Ninjacart’s Business Model and Revenue Model
    Major Growth hacks of Ninjacart in Early Days
    Ninjacart Supply Chain Model – How Ninjacart Operates
    Role of AI and Machines in the Growth of Ninjacart
    Initiatives taken during Covid to keep the Operation Running & Support Farmers
    Different tools used by Ninjacart for smooth flow of the work and company
    Expansion Plans of Ninjacart

    How did Ninjacart’s business model and revenue model look like in its very initial days and how it changed gradually?

    Ninjacart commenced business in 2015 as a B2C model. Our main aim was to deliver fresh produce to the end consumer within 60 minutes while providing online inventory to retail outlets. We launched our operations in Bengaluru. During those initial 6 months of operations, we realized that the production side of the supply chain is fragmented and retail outlets struggle to source fresh produce on time. It helped us to understand the inefficiencies in the supply chain. These systems relied heavily on expensive and erratic last-mile delivery fulfillment, increasing pressure on the retailers and us as a delivery provider.

    This prompted us to pivot our business model from B2C to B2B and we started sourcing fresh produce from farmers directly, simultaneously supplying to retail outlets and small businesses. Addressing challenges like persuading retailers and grocery store owners to take their business online and introducing technology to farmers as a more trustworthy alternative to harvest and sell their produce, Ninjacart’s B2B model began to thrive and we knew we had created something impactful.

    ninjacart Logo

    There were plenty of hurdles we had to overcome. Evaluating the entire network and identifying the gaps is one matter, but actually being able to implement our solution is quite another.

    • At the offset, the two major obstacles we set out to tackle were – convincing retailers and grocery store owners to take their business online and persuading farmers to trust us, a tech startup, over the traditional middleman they had known for years.
    • Then it was devising a mechanism to standardize the pricing of fresh produce. More often than not, farmers would sell their produce for a loss, given the perishable nature of their goods. Therefore, we needed a solution to provide high value for farmers while ensuring the best possible output for the end party.
    • Limited connectivity, inadequate storage infrastructure, and mismatched supply-demand led to post harvest losses which needed to be controlled with the provision of proper tools and equipment for harvesting. Simultaneously, we also had to train/educate the farmers.
    • Easing the challenges faced by retailers, from exhausting procurement processes to poor quality management and competitive pricing.
    • Introducing more sophisticated management and new technologies to improve efficiency in the supply chain, making it low cost, effective, and super fast.

    Ninjacart | Indian Company | Company Profile |
    Company Profile is an initiative by StartupTalky to publish verified informationon different startups and organizations. The content in this post has beenapproved by the organization it is based on. The traditional Supply Chain is highly inefficient, unorganized, and has a highrate of food wasta…
    StartupTalkySarika Anand

    What have been major growth hacks in the early days of Ninjacart?

    At Ninjacart, technology has played a major role in making the food supply chain more efficient and independent to handle advanced logistics. Since we started functioning as a B2B model, there is plenty of learning and transformation involved.

    As an agritech startup, it was difficult to gain trust in the farmers’ community as they prefer to work with a familiar face rather than a tech company. To understand the framework at the grassroots level, the core team of Ninjacart made overnight trips in mandis.  It took us almost three months to determine the price of tomatoes at which farmers sell to the middleman. The timespan of fresh produce being sold in the market is very limited. Within a few hours, the fresh produce is segregated, sorted, and sold. The farmer has to harvest and bring the item to mandi and then figure the price and demand, leading to huge losses as they are unaware of the market conditions.

    Ninjacart has solved this issue with the innovation of the Farmer Harvest Calendar, which gives farmers a week’s notice on what is expected of them.

    In the traditional supply chain wastage goes up to 25% which Ninjacart succeeds in shrinking up to 4% by leveraging deep machine learning. Furthermore, with the adoption of traceability infrastructure, we ensure food safety until last-mile delivery.

    Ninjacart Co-founder
    Thirukumaran Nagarajan, Co-founder and CEO of Ninjacart

    The access of farmers to warehouse facilities in India is limited. In the absence of adequate cold storage and efficient warehousing facilities, fresh produce gets wasted even before it arrives in the market or to the end consumer. Therefore, the implementation of tech-incentive processes helped Ninjacart to develop more controlled distribution chains. Over the years Ninjacart has expanded its operations, we are currently operating in 11 major cities across India and promise a delivery within 12 hours. The positive response and overall impact has strengthened our vision to change the way India consumes food.

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    How do you manage such a large supply chain model?

    At Ninjacart, we strive to tackle some of the most difficult structural issues while keeping pace and performance at the forefront of everything we do. Being a supply chain company we have a large workforce at the ground level, making labor a significant business cost.

    It starts with farmers bringing fresh produce to the Collection Centre, where it is weighed, batched, and dispatched to our Fulfilment Centers (FC) and Distribution Centers (DC) located throughout the city. Our algorithms then establish an optimal route plan for drivers to reach their destinations with clearly defined points, set a dispatch schedule, and fix arrival slots.

    To plan each route with full capacity at minimal cost, we also consider the distance between the Collection Centers (CC) as well as the distance between the Fulfilment Centers (FC) and Distribution Centers (DC). With sophisticated software to understand the geography of the city, the maximum capacity of the vehicles used, cost required. All of this adds up to enough information to run and build a distribution route for the day.

    It can be summarized as follows:

    1. The first step is to acquire and understand the ‘Farmer Harvest Calendar’, which would give the team an overview of fruits and vegetables available in each season. This makes Ninjacart aware of the demand and supply, and gives farmers a week’s notice.
    2. The notice period allows farmers to understand the market expectations. Our technology helps us to gain a complete understanding of past buying data, such as – order history and its frequency to figure out a pattern. It helps us to know which items to procure.
    3. Once the produce is procured as per the demand analysis, it is then put into crates at the collection centers
    4. After the produce is weighed and tagged, a message goes out to the farmer through an app which details the supplied quantity and the price so that the amount is credited to the farmers’ bank account the subsequent day
    5. Ninjacart then moves the crates to the fulfilment centers. With the use of special trolleys these crates are loaded and unloaded, ensuring a quicker turnaround time as compared to the traditional lift-and-place logistic systems. The entire process is monitored through an app that the company has built with a sophisticated algorithm
    6. As next steps, these crates are loaded onto vehicles at the distribution centers for delivery, which starts at 2.00 am daily. There are no names on the crates as everything is enabled through the app. Every crate has a radio frequency identification (RFID) tag so that the company knows exactly which vegetables and fruits have been delivered
    7. More importantly, the empty crates don’t necessarily return to the same collection center and Ninjacart’s technology ensures that the chain remains efficient. This has enabled tighter control so that operations are profitable
    8. Ninjacart also maps the simplest routes for drivers to reach their destinations with clearly identified points

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    How implementing AI and machines has helped the company to grow?

    Technologies like Artificial Intelligence, Machine Learning, and Data Analytics drive decision-making at Ninjacart, and help perform complex human tasks accurately.

    The use of generative models and programming helps Ninjacart to accomplish a recommendation engine. The prediction model is used to analyze hundreds and thousands of market factors.

    For instance, we analyze past buying data of consumers and the frequency of orders to determine the kind of produce that needs to be procured.  It enables us to track produce and thus, provide complete transparency within the food value chain. This way, we inform farmers about what is expected of them for that particular month by issuing a ‘Harvest the farm’ calendar offering weather forecast.

    Diagnostic analytics techniques combine growth plans with historic demand data and market conditions to organize the weekly sales and procurement forecast at SKU (Stock Keeping Unit) level. Another analytics tool is predictive analytics, which tells us what is likely to happen. It identifies potential threats in the supply chain spotting optimal patterns while neutralizing errors.

    The Ninjacart Supply Chain relies on vehicle route planning to transport tons of fresh produce from farms to retailers in less than 12 hours. The algorithm saves the details of retail customer orders made the day before. It determines the best delivery route based on factors such as customer position, tonnage, crate count, delivery time window, and so on. Similarly, the algorithm uses vehicle information such as vehicle type, start place, maximum crate size, maximum number of points, available time window, and average vehicle speed to allocate the delivery route for the next day’s door-to-door deliveries to stores. After considering both the factors, the algorithm perfectly optimizes the vehicle route towards the customer locations. The route is decided to use the vehicles more efficiently in terms of vehicle usage, occupancy, and positioning the orders to be delivered.

    Our algorithms automate the planning and optimization of logistics by mapping 1000+ routes for vehicles crisscrossing 15 states for delivering to customers daily across 7 cities.

    We have adopted special trolleys to load and unload the crates, ensuring a quick turnaround compared to the normal lift-and-place logistic systems. The entire process is monitored through an app that helps us place crates in a particular order so that the team can deliver faster. At Ninjacart, RFID (Radio Frequency Identification) plays a crucial role in every step of our supply chain, including internal control.  Future-ready ERP increases efficiency, lowers operational costs, and acts as one source for information that permits agility and rapid decision transformation.

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    What major initiatives were taken during Corona to keep the whole operation running and support farmers?

    The operations at Ninjacart were at a standstill during the initial days of the lockdown as the government regulations were unclear on which part of the supply chain could keep running. Despite that, we worked around-the-clock to fill the gap between supply and demand by deploying several initiatives. Our problem-solving approach helped the entire supply chain network one way or the other. These initiatives helped farmers to sell their produce directly to the end consumers. At the same time, it benefited consumers as they were able to buy fresh produce at subsidized rates.

    There was uncertainty and fear amongst the consumers as supermarkets were closed at the time. After analyzing the situation, we concluded that we have the infrastructure to serve society by bringing food to their doorstep. The execution part was difficult as we had to expand our operations to directly reach the apartments and societies across cities. We created and disseminated a Google Form on social media for people in residential complexes to order fresh produce in bulk. It was a huge success, and we helped thousands of people in 7 cities – Bengaluru, Chennai, Hyderabad, Delhi, Gurugram, Mumbai, and Pune during the lockdown.

    Additionally, to ensure that essential commodities reached everyone in need, we started a special program to sell at subsidized rates to old age homes, orphanages, community kitchens and slums. Many NGOs worked with us to feed numerous people, creating a huge impact during a period of crisis.

    At Ninjacart, we were flooded with calls from farmers seeking our help in finding end consumers as they were left stranded with their harvested produce. It was time to step up and help our farmers as a way of showing gratitude and support.

    We launched ‘Harvest The Farm’ initiative asking consumers to buy fresh produce from Ninjacart at cheaper prices through Swiggy, Zomato, and Dunzo. With the existing supply chain in place, we identified the farmer with a ready harvest, purchased their produce, and helped them recover their cost.

    The lockdown gave us an opportunity to work towards our vision of establishing a traceability infrastructure that will help trace fresh produce to its origin from any given stage of the supply chain.

    On the occasion of World Food Safety Day on 7th June, we launched FoodPrint. FoodPrint allows us to know everything about the food we eat. Starting from – identifying the farmer, the date and time of harvest, the truck that carried the produce, the warehouse that processed it, the helper who handled the product at the warehouse, the retailer who bought the product, and finally how it was delivered to your doorstep, this endeavor focuses on driving home transparency.

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    What are different tools the company uses for smooth flow of the work and the organisation?

    We have removed intermediaries and replaced them with Artificial Intelligence and machine learning. We have taken a constraint-oriented modeling approach. Constraints are based on distance, vehicle, cost, capacity and time. After defining these constraints, we use a metaheuristic optimization technique (Guided Local Search), to maximize objective function and reduce supply cost. Every process and action is governed by technology at Ninjacart.

    The tools developed and implemented by the core of Ninjacart can be concluded as follows:

    1. Facial Recognition: The software quickly captures the entire face, which is then fragmented into small pieces and converted into data streams. To mark attendance, 90% accuracy is required each time. This data can then be used to track worker productivity of employees from start to finish and at various points in the supply chain, as well as to solve many of the common problems that arise to ensure an order is delivered on time and without hiccups.
    2. Futureready ERP: Mobile-ready ERP ensures removes all paper use of in the supply chain
    3. Demand Forecasting: Leveraged deep machine learning to perfect forecasting to 97% and reduce the overall wastage to 4% [Traditional supply chains have wastage up to 25%].
    4. Farmer apps: Ninjacart also have specific apps for the farmers wherein they help them not only in demand forecasting but also with harvest planning and determining the price indent
    5. Connected Logistics: Speed and price can make or break any supply chain. Ninjacart’s indigenous route optimization and utilization keeps the load factor at 92% and puts fresher vegetables on the plate (they move the produce from farm to store within 12 hours) at a cost almost 1/3rd of the traditional supply chain
    6. Vehicle Route Planning is vital in driving the Ninjacart Supply Chain
    7. Social security: Cashless and instant

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    Being the top player in the niche, do you plan to acquire small startups to expand?

    We aim to learn and grow together as everyone is trying to solve the fragmented food supply chain in India. In recent years, we have witnessed new players entering the market only to help the farmers in their pre- and post-harvesting journey. At Ninjacart, we hope to bring as much innovation and solution as we can so that the end consumers and farmers have a seamless and safe supply of fresh fruits and vegetables. The launch of FoodPrint has enabled us to expand our vision of making farmers aware of residue-free farming methods.

    We have partnered with Kilofarms, an agritech startup company. Together we have produced the first batch of residue free tomatoes and we intend to add 18 more residue-free fruits and vegetables by the end of this year. Leveraging each other’s tech capabilities, we have developed tech-enabled methods such as drip irrigation to assist farmers  in achieving the finest grade of fresh produce through residue-free methods. It not only enables the production of food through optimal farm inputs and low Maximum Residue Limit (MRL), it is also scalable, practical and more affordable than pure organic food.

  • Why did Ninjacart Lay Off its 200 Employees Explained

    Ninjacart recently laid off 200 of its employees working in middle and senior management. The agritech company attributes this layoff to poor performances and unmatched expectations. While the ex employees try to stain the company’s image with stating about unethical HR practices, the management and CEO of Ninjacart are in complete denial.

    Ninjacart is an agritech startup that provides fresh fruits and vegetables to retailers directly from the farmers. It supplies over 1400 tons of fresh produce directly from the farmers to supermarkets and kirana stores. Currently, is actively moving the farm products in seven major cities- Chennai, Mumbai, Ahmedabad, Hyderabad, Pune, Bengaluru and Delhi-NCR.

    Ninjacart Latest News
    About Ninjacart
    Vision of Ninjacart
    Ninjacart Investors
    Why did Ninjacart Layoff 200 Employees
    Unresolved issues from employees
    How Ninjacart Hires
    Casual Hiring Approach
    FAQ

    Ninjacart Latest News

    23 February, 2021. Ninjacart announced that they are laying off 200 employees. Thirukumaran Nagarajan, the CEO of Ninjacart, said that the lay off was the result of issues with employee’s performance.

    About Ninjacart

    Ninjacart is India’s largest Fresh Produce Supply Chain Company. They are pioneers in solving one of the toughest supply chain problems of the world by leveraging innovative technology. They source fresh produce from farmers and deliver them to businesses within 12 hours.

    The company works with farmers in Indian villages to produce fresh farm and deliver it on a pan India platform. When they saw that farmers are exposed to various challenges such as price risk, information asymmetry in demand, delayed payments or even insufficient knowledge on distribution, they decided to intervene and provide a channel to these farmers which would bring them better returns on their harvest.

    Vision of Ninjacart

    They looked at Retailers struggling with low quality produce, unhygienic products and everyday hassle to collect the harvest and pointed to it as a major concern. They also noticed that the traditional supply chain lacks efficiency, needs more organization and has a high rate of food wastage.

    Successful businesses are those which take off with an intention to solve problems experienced on grass root levels. And Ninjacart was founded precisely for that. The founders, Sharath Loganathan, Thirukumaran Nagarajan, Vasudevan Chinnathambi, Kartheeswaran KK, Sachin Jose and Ashutosh Vikram made an impeccable team to work towards creating a better channel for the farm produce to reach the locals more efficiently.

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    Ninjacart Investors

    Backed by several venture capitalists, such as TigerGobal, Mistletoe, ACCEL, including giants like Walmart and Flipkart, Ninjacart aims to eliminate intermediaries and take control of supply chain management. It is their goal to make sure farmers are paid rightly with consistent demand and retailers are supplied with fresh and hygienic products.

    Why did Ninjacart Layoff 200 Employees

    Possible reason of Ninjacart’s layoff

    As we address the elephant in the room, we are going to talk about why a company like Ninjacart, which, as an ongoing concern, is breaking grounds to upgrade trading conditions for farmers, is laying off so many employees all of a sudden?

    Ninjacart laid off  200 employees across various functions at all employee levels. The labor cut happened across all  its key geographics- Bengaluru, Chennai, Mumbai and Hyderabad.

    Unresolved issues from employees

    The employees complained of being given a 15 day notice period whereas every other company provides a 30 day notice period which is bare minimum. Employees at senior levels have shown dismay as they have removed from the company by issuing fake resignations. Employees said that they don’t remember submitting any resignations and that their source was a portal used by the company’s HR department.

    The employees believe the laying off was a part of their cost-cutting drive but the company has denied all such claims. According to CEO Thirukumaran Nagarajan, “Out of the 200 employees who were sent away, the majority of them were asked to leave due to performance issues. Every employee has an internal scorecard that we maintain so that whenever the performance dips below the expected KPIs, the manager (concerned) alerts him or her. If there is no improvement seen, the manager reports this to the HR who takes the final decision.”

    “We have had cases of theft, including our own employees stealing our crates. We have found instances of several of our employees stealing crates of products and selling those in supermarkets and other offline markets. We were able to track down those employees in the past and terminate their jobs.” Thirukumaran Nagarajan further added

    Apart from the layoffs, employees have complained about their performance appraisals being put on hold. Many companies, owing to the pandemic conditions, have had similar cost saving measures in place and CEO Nagarajan claims to have paid all the said payouts.

    “We have never had cost-cutting measures, but we did make a decision to postpone payments of variable pay components of employees in April after the lockdown. We had to take this decision as we were unsure about how the business might look like after the nationwide lockdown. However, we have already paid the variable pay to all employees in 4 equal instalments in the month of September, October, November and December. The annual variable pay payout is for the period of April 2019 to March 2020,” he added.

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    How Ninjacart Hires

    Ninjacart calls upon innovators, problem solvers and executioners to be a part of their steadily growing team. It has a flexible schedule for its employees and aims to have a fun environment at work. It has hired several freshers, including some from IIM and middle and senior management level employees in the recent year and now going strong with 4000 plus employees.

    Ninjacart Hiring Process
    Ninjacart Hiring Process

    Casual Hiring Approach

    Ex employees claim that the company had a casual approach towards hiring and firing people. It hired a batch of freshers from IIM and later fired them when their performance fell below a certain matrix without batting an eyelid or even giving them a second chance to improve themselves. This led to a lot of instability and insecurity among the employees and some of them left the company themselves.

    The agritech recently caught a hiccup due to a mass lay off and alleged unethical HR practices where employee IDs were hacked by team managers to submit fake resignations. The CEO, Nagarajan commented  that senior managers do not have the final say on layoffs without communicating the decision first to the HR department.

    “The issue of a manager taking control of some employees’ official accounts to force termination only happened in a few cases, and I have already communicated to these employees to contact me personally for an appropriate resolution,” he added.

    FAQ

    How does Ninjacart make money?

    Ninjacart is an AgriTech startup which allows farmers to sell their vegetables and fruits directly to retailers and restaurants without middlemen involved.

    Who is the founder of Ninjacart?

    Thirukumaran Nagarajan, Vasudevan Chinnathambi, Ashutosh Vikram, Kartheeswaran KK, and Sharath Babu Loganathan are founders of Ninjacart.

    Why did Ninjacart lay off 200 Employees?

    Ninjacart fired at least 200 employees citing performance and integrity issues, but employees believe the laying off was a part of their cost-cutting drive.

    Conclusion

    2020 Covid-19 pandemic left no stone unturned in messing up the world economy. Meanwhile, giants who stood tall taking hits from the pandemic, start up companies have struggled to even stay afloat. As we stated earlier, labor cut is a common practice when the company is in financial crisis and we surely empathize with that but the allegations Ninjacart are serious in nature.

    HR practices form a very prominent and integral part of any organization. The preamble set by an organization’s HR practices enable a smooth run for employees from the top management to ground level employees, and hence they need to be as transparent as possible.