Walmart, Flipkart invest in Ninjacart of Bengaluru

By: |
Published: December 12, 2019 4:37:14 AM

Ninjacart claims to have been able to improve the net realised income of its farmers by 15% over the last two years, with payments made into farmer bank accounts within 24 hours of produce pickup.

The company said it moves over 1,400 tonne of fresh produce per day, having doubled its volumes in the last four months.

Walmart and Flipkart on Wednesday announced a joint strategic investment in Ninjacart, a Bengaluru-based fresh produce supply chain company. The partnership will help Walmart and Flipkart strengthen direct sourcing of fresh produce for Walmart India’s wholesale cash and carry stores and Flipkart’s online grocery business Supermart.

The investment will also support Ninjacart to expand its customer base, reach new cities and gain exposure to global best practices to enhance the efficiency of the local fresh produce ecosystem, the companies said in a joint statement. Founded in 2015, Ninjacart works with 20,000 farmers and supplies fresh produce to 60,000 retailers, according to the firm’s website.

Ninjacart claims to have been able to improve the net realised income of its farmers by 15% over the last two years, with payments made into farmer bank accounts within 24 hours of produce pickup. The company said it moves over 1,400 tonne of fresh produce per day, having doubled its volumes in the last four months.

“Developing Flipkart Supermart over the past year, we have focused on creating the right infrastructure, supporting local farmers, producers and food processors, and building sustainability into the ecosystem, all while creating thousands of new jobs and bringing quality, convenience and value to consumers. In Ninjacart, we see a company that shares our values, our pioneering mindset and our commitment to tech-driven innovation that improves life in India,” said Kalyan Krishnamurthy, CEO, Flipkart Group.

Ninjacart’s focus on direct-from-farm sourcing resonates well with Walmart’s commitment to supporting farmers in India, said Krish Iyer, President and CEO, Walmart India. “We are working towards our commitment of sourcing 25% of produce in our Best Price cash-and-carry stores directly from farmers by 2023,” Iyer said.

 

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Piyush Goyal stresses on MSME exports; says opportunity for small businesses globally under FTAs
2E-commerce fraud: Whopping nearly 500% jump in online shopping fraud cases in just 3 years
3Ola’s losses shoot up 92% for cab leasing business; revenue also widens