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stic: Ninjacart raises $9 million from STIC, Mainstream Digital at a valuation of $812 million

Bengaluru: Flipkart-backed fresh fruits and vegetable supply chain startup Ninjacart has raised $9 million (Rs 69 crore) from South Korea-based STIC and UK-based Mainstream Digital at a valuation of $812 million (Rs 1,050 crore), according to regulatory filings sourced by ETtech. STIC is an existing investor in Ninjacart.

The latest funding comes on the back of Walmart-backed Flipkart investing over $145 million into the company in December.
ET was the first to report about the deal on December 13, 2021.

The investment into Ninjacart will help Flipkart scale its 90-minute online grocery business — Flipkart Quick — to 200 cities by the end of 2022. It will also be leveraged by Flipkart to strengthen its wider grocery offering Supermart.

On March 4,
Ninjacart said it was setting aside $25 million to invest in other agritech startups. On March 10, the company said it bought software-as-a-service company, Tecxpert.

News portal Entrackr reported about Ninjacart’s latest capital raise earlier on Wednesday.

Founded in 2015, Ninjacart currently operates in seven cities including Bengaluru, Chennai, Hyderabad, Pune, Delhi and Mumbai. The company procures fresh fruits and vegetables directly from farmers and supplies to retailers, hotels, restaurants and even apartment complexes.

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In January,
Ninjacart also executed an employee stock option (Esop) buyback worth Rs 100 crore for current and former employees. An Esop is an employee benefit plan which gives a company’s staff ownership of the firm through equity shares which they can sell at certain times.

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