Your next batch of Apples and tomatoes may come from Amazon
Amazon has held discussions with Bengaluru-based B2B fresh produce supply chain company NinjaCart for a potential investment, as the US-based technology leader looks to get a foothold in the sector.
The talks, which are still at an exploratory stage, have been ongoing since NinjaCart was in the midst of closing its $100 million equity financing round led by New York-based investment firm Tiger Global Management, according to three sources aware of the development, who spoke on the condition of anonymity. The startup’s latest financing round, which closed in April, also saw hedge fund Steadview Capital invest an undisclosed sum.
Sources also indicated that NinjaCart received significant interest from other retail conglomerates. ET, however, could not ascertain the names of the other parties.
An Amazon India spokesperson declined to comment. NinjaCart did not respond to an email. Sources in the know said the deal talks may not eventually materialise in an investment from Amazon.
The latest developments come at a time when Amazon has been closely evaluating its entry into the fresh produce segment, widely perceived as one of the biggest, yet underserved and complex categories.
While it already sells select grocery items through Amazon Now and Amazon Pantry, it has yet to formally enter the fresh produce space. The company pumped 240 crore into its Indian food-only retail business, which acts as a seller of groceries and other packaged food products to the company’s local e-commerce marketplace, signalling its intent to stamp its presence in the space.
Amazon has committed $500 million into the food retail sector.
According to regulatory filings sourced from paper.vc, Amazon Retail India received 240 crore, largely from existing shareholder Amazon Corporate Holdings, a Singapore-based entity engaged in food retail across the Asean region…..Read More>>