Flipkart enters talks to lead funding round for Ninjacart
Flipkart is currently in advanced talks with a view to lead a new funding round of around Rs 665.3 crore ($100 million) for supply chain startup Ninjacart as the Walmart-owned business looks to expand into online groceries.
Flipkart is looking to strengthen its partnership with Ninjacart in order to expand into the online groceries market and take on its main e-commerce competitors, including Reliance Industries’ Jio Mart and Amazon India, which already have a strong presence in the sector. Ninjacart expects to see its valuation increase to between $750 million and $800 million following the funding round up from its previous valuation of $500 million, sources told ET Tech.
Flipkart’s parent company Walmart is also planning to join the funding round, according to the anonymous sources. The funding round could be one of Flipkart’s largest investment rounds to date showing the business’ bullish outlook on online groceries.
Flipkart is deploying various tactics to invest in the online groceries sector and is also in the process of expanding its Supermart e-commerce store. The business is also launching its 90-minute hyperlocal delivery service Flipkart Quick in new locations. The Flipkart Quick service includes personal care products, groceries, and other goods including electronics.
Copyright © 2022 FashionNetwork.com All rights reserved.