Agritech startup Ninjacart has expanded its presence into the Brazilian market by collaborating with Arado, an agribusiness marketplace based in Brazil.
The collaboration aims to create smooth linkages among farmers, retailers, and consumers, bringing about a transformative shift in Brazil’s agricultural commerce sector. Ninjacart, in a press release, expressed its goal of setting a fresh benchmark for agri-commerce in Brazil, with a particular emphasis on key urban centers like Belo Horizonte, Rio de Janeiro, Campinas, and São Paulo.
The collaboration was established via Ninjacart’s investment subsidiary, Ninja Ventures.
Ninjacart CEO and Co-Founder Kartheeswaran K K, said, “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.”
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.
Established in 2015 by Thirukumaran Nagarajan, Sharath Loganathan, Sachin Jose, Kartheeswaran, and Vasudevan Chinnathambi, Ninjacart initially commenced as a B2C venture. Nonetheless, it subsequently transitioned into a B2B model, wherein it presently procures fruits and vegetables from farmers and distributes them to supermarkets, kirana stores, and other retailers.
In 2022, Ninjacart secured approximately $9 million in funding from South Korea’s STIC Investment and Singapore’s Main Street Digital Life IV Pte Ltd. The company enjoys support from prominent investors such as Tiger Global, Flipkart, Qualcomm Ventures, and Accel. To date, the startup has successfully raised a total of $358 million in funding.
Ninjacart significantly reduced its net loss by 70%, reaching INR 307.9 crore for the fiscal year ending on March 31, 2022, compared to INR 1,023 crore in the previous fiscal year (FY21). Meanwhile, the operating revenue showed robust growth, increasing 1.2 times to INR 967.3 crore from INR 755 crore in FY21.