Ninjacart has made a the next big business move and has announced the acquisition of Tecxprt for an undisclosed amount. This will enable the company to leverage Tecxprt’s rich technology suite to digitise its operations and streamline communication within the company’s ecosystem.
Commenting on the acquisition, Ninjacart CEO and cofounder Thirukumaran Nagarajan said, “‘Ninjacart aims to build the largest agri-platform. We are investing significantly and accelerating the technology-driven disruption in the agricommerce space. Our acquisition of Tecxprt is a first step towards the same…We are thrilled to have the Tecxprt team onboard this journey and transform the lives of agri value participants together.”
Ninjacart, Tecxprt finds great synergy in their growth ambitions
“We are thrilled to be a part of the Ninjacart family and grateful for the team’s confidence in us. Our combined workforce, as well as tech capabilities, will be a formidable force towards achieving our joint ambitions of accelerating the growth and streamlining of India’s agri-ecosystem.” Tecxprt managing director and founder, Naveen Murugan, said,
This report comes soon after Ninjacart announced a $25 Mn fund to back seed-stage agritech startups under its ‘Agri Seed Fund.’
The startup was founded in May of 2015 by Thirukumaran Nagarajan, Sharath Loganathan, Sachin Jose, Kartheeswaran KK, Ashutosh Vikram and Vasudevan Chinnathambi. Ninjacart is an agritech startup that sources groceries, fruits and vegetables directly from farmers and supplies them to supermarkets and other smaller brick and mortar stores.
The startup claims to serve over 150 markets and has acquired the capacity to ship 1400 tonnes of food items in under 12 hours to over 17K local Kirana stores and restaurants in seven Indian cities daily.
It posted a net loss of INR 484.4 Cr in FY20, with an operational revenue of INR 469 Cr in the same year. Ninjacart is backed by a host of marquee funds including Tiger Global, Flipkart, Qualcomm Ventures, Accel, among others.
Walmart-backed Flipkart had invested $145 Mn in the startup in December last year, valuing it anywhere between $700 Mn to $800 Mn.