Agritech startup Ninjacart has forayed into the Brazilian market through a partnership with Arado, an agribusiness marketplace in Brazil.
The partnership will facilitate seamless connections between farmers, retailers, and consumers, revolutionising the agri-commerce sector in Brazil. It aims to establish a new standard in Brazilian agri-commerce, with a focus on major cities such as Belo Horizonte, Rio de Janeiro, Campinas, and São Paulo, Ninjacart said in a statement.
The partnership was done through Ninjacart’s venture funding arm Ninja Ventures.
“Our strategic alliance with Arado perfectly embodies our vision of revolutionising agri-commerce globally. We are excited to share our state-of-the-art technology and advisory services to enable startups in Brazil and beyond, to establish efficient and sustainable supply chains,” said Ninjacart CEO and cofounder Kartheeswaran K K.
Victor Bernardino, founder and CEO of Arado, said the agribusiness marketplace aims to bring substantial benefits to Brazil’s agriculture sector by leveraging Ninjacart’s advanced technology and advisory services.
Founded by Thirukumaran Nagarajan, Sharath Loganathan, Sachin Jose, Kartheeswaran and Vasudevan Chinnathambi in 2015, Ninjacart initially started as a B2C business. However, it later pivoted to a B2B model, under which it currently sources fruits and vegetables from farmers and supplies to supermarkets, kirana stores and other retailers.
In 2022, Ninjacart raised about $9 Mn from South Korea based STIC Investment and Singapore-based Main Street Digital Life IV Pte Ltd. It is backed by marquee investors, like Tiger Global, Flipkart, Qualcomm Ventures, and Accel. The startup has raised $358 Mn in funding to date.
Ninjacart’s net loss narrowed 70% to INR 307.9 Cr in the financial year ending March 31, 2022 from INR 1,023 Cr in the financial year 2020-21 (FY21). Operating revenue grew 1.2X to INR 967.3 Cr from INR 755 Cr in FY21.
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