Business-to-business (B2B) agri-marketing platform Ninjacart on Thursday said it has acquired SaaS (software-as-a-service) based end-to-end solutions provider Tecxprt for an undisclosed amount.
Ninjacart said that the buyout will enable it gain direct access to Tecxprt's technology suite through which it aims to boost its digitization ecosystem.
Founded by Naveen Murugan, Tecxprt claims to automate complex business processes by performing various jobs to ensure smooth and efficient corporate operations. It adds capabilities to meet the needs of businesses to run more efficiently from a single location.
“We are investing significantly and accelerating the technology-driven disruption in agri commerce space. Our acquisition of Tecxpert is a first step towards the same. Over the last five years, Tecxprt has demonstrated excellence in technology, customer understanding and relentless execution,” said Thirukumaran Nagarajan, Co-Founder and CEO of Ninjacart.
“With this acquisition, we will further strengthen our position as a one-stop- solution for agri-players, retailers, and small businesses supplying agri commodities across the country,” he added.
Ninjacart, set up in 2015, started as a hyperlocal grocery delivery service before transitioning to a B2B model.
Farmers can leverage the startup's platform to sell veggies and fruit directly to businesses including shops, retailers and restaurants.
The firm claimed it has intensified its focus on partnering with farmer producer organisations (FPOs) to provide access to high-quality fresh produce, staples, pulses and spices, bringing new revenue opportunities to farmer communities across the country.
Ninjacart’s investors include venture capital firms Accel, US-based Qualcomm Ventures, Russia’s HR Capital, Japanese venture capital firm-cum-accelerator Mistletoe, Infosys Co-Founder Nandan Nilekani’s NRJN Trust and South Korea-based Neoplux, the venture arm of Doosan Corp.
Earlier this month Ninjacart launched a seed fund of $25 million (around Rs 187 crore) to back new-age startups in the agriculture space. It aims to back entrepreneurs and tech innovators with seed investments, who offer sustainable and tech-enabled solutions to boost tech innovation and disruption.
Earlier in January, Ninjacart implemented a Rs 100 crore (about $13.4 million) employee stock ownership plan (ESOP) January. Current and past workers having vested ESOPs as of December 2021 are eligible to sell all of them, which will aid the startup's objective of building technology and infrastructure for farmers, resellers, retailers, consumers, and supply chain partners.
In December, Ninjacart raised $145 million (Rs 1,095 crore) in a round of funding from existing investors, US retail giant Walmart Inc, and its Indian e-commerce arm Flipkart. Earlier in 2021, Ninjacart inked a deal with the Union Ministry of Agriculture and Farmer Welfare to strengthen the market linkages and promote best practices in the farming sector.
In December 2019, the company raised funding from Walmart and its Indian e-commerce arm Flipkart. They did a follow-on round of funding in October last year. It also secured $90 million from US-based investment firm Tiger Global Management in April 2018.
