Amazon, NinjaCart in talks, retail firm to invest in fresh produce
Category: #retail  By Pankaj Singh  Date: 2019-06-18
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Amazon, NinjaCart in talks, retail firm to invest in fresh produce

US-based tech giant looks enter one of the biggest untapped sectors

Amazon reportedly had meetings with Bengaluru-based fresh produce supply chain firm, NinjaCart, regarding a potential investment as the retail giant looks to penetrate the sector. The discussions, whose results are still inconclusive, have been continuing since NinjaCart was in the middle of officially closing its $100 million equity financing round, the chief investor of which was Tiger Global Management.

Sources in the know stated that NinjaCart was unresponsive towards an email pertaining to the discussions. Meeting regarding the deal may not eventually transform into an investment by Amazon, stated another source.

Even though Amazon already sells grocery items over Amazon Now and Amazon Pantry, it has yet to infiltrate the fresh produce segment. The firm put INR 240 crores into its Indian food-only retail business, suggesting its intent to make a mark in the sector. According to reports, Amazon committed $500 million into the food retail sector.

A previous statement by Amazon claimed that the firm expects groceries and consumables to account for more than 50% of its business over the next half a decade in the third-largest economy across Asia. NinjaCart, the worth of which was estimated at over $350 million after the closure of its last funding round, has now come up as a leading player in the business. Apparently, Thirukumaran Nagarajan, Chief Executive, NInjaCart, had said the company was currently supplying around 25,000 tons of fresh vegetables and fruits, monthly.

Sources familiar with the knowledge of the matter claim that domestic firms including BigBasket and Udaan have either already made an enormous impact in the fresh produce segment or are anticipated to enter the space. Vipul Parekh, Co-founder, BigBasket, has been quoted to say that the corporation would be exploiting about $100 million from its $150 million funding round conducted recently, to further expand its supply chain.

Source Credits: https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/amazon-in-talks-with-ninjacart-to-put-funds-in-fresh-produce-space/articleshow/69819542.cms



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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