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Tiger Global sows Rs 625 cr in agritech firm NinjaCart

Largest initial cheque written by NY-based investment powerhouse will land firm 26.5% stake.

, ET Bureau|
Updated: Apr 24, 2019, 08.09 AM IST
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The investment signals Tiger Global’s renewed focus on Asia’s third-largest economy and comes after NinjaCart closed a $35-million funding round in December last year.
NEW DELHI: Tiger Global has invested Rs 625 crore in NinjaCart, picking up a little less than 26.5% stake and valuing the agri-tech startup at over $320 million, in what is arguably the largest initial cheque written by the New York-based investment powerhouse.

The Bengaluru-based 63Ideas Infolabs, which owns and operates Ninjacart, has issued 20,442 Series-C compulsorily convertible preference shares at Rs 3,04,142.78 per share, according to filings submitted by NinjaCart to the Registrar of Companies, and which have been accessed by business signals provider

It has also issued 100 equity shares having a face value of Rs 100.

“NinjaCart’s latest financing round gives it a post-money valuation of $321.8 million, an almost four-fold increase from its Series-B valuation of $89.5 million,” Vivek Durai, cofounder of, said.

The investment signals Tiger Global’s renewed focus on Asia’s third-largest economy and comes after NinjaCart closed a $35-million funding round in December last year. For Tiger Global, the investment in NinjaCart is its second in the Indian startup ecosystem this month. It had earlier participated in mobile analytics and mobile marketing startup CleverTap’s $26 million funding round, alongside Sequoia Capital and Accel Partners.

This also the largest first cheque written by the New York-based investor in an Indian startup, a geography in which it has played a critical role in shaping, given its investment in Flipkart, the country’s largest online retail company.

The investments in CleverTap, followed by NinjaCart, are among the first cohort of bets placed by the storied investment firm, following its announcement in March that its influential and famously reticent, partner Lee Fixel would be leaving the firm at the end of June.

“This is a surprisingly large exposure for Tiger Global. With the possible exception of Flipkart, we have not seen them make such a large single-ticket play.

This looks to us like a way of signaling its intent to continue to be aggressive in India without Fixel,” Durai said. NinjaCart counts marquee Silicon Valley-based venture capital firm Accel Partners US, Syngeta Ventures, Accel India Neoplux, Qualcomm Ventures and Trifecta Capital among its list of institutional backers. Accel Partners continues to be the largest institutional stakeholder in the four-year-old company.

NinjaCart has been one of the one of the most sought-after startups in recent months, with investments also from NRJN Trust, the investment entity set up by Infosys cofounder Nandan Nilekani and his wife Rohini; Jo Hirao, the founder of ZiGeXN, and Russian firm HR Capital.

Founded in 2015 by Thirukumaran Nagarajan, Kartheeswaran KK, Sharath Loganathan, Ashutosh Vikram, Sachin PJ, and Vasudevan Chinnathambi, NinjaCart originally started out as a hyper-local grocery delivery company, before pivoting to its current B2B model.

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