NEW DELHI: India’s largest online retailer, Flipkart , and its US-based parent entity Walmart have jointly invested an undisclosed sum in fresh produce supply chain startup Ninjacart , both companies said on Wednesday.
ET was the first to report the development on August 2.While the terms of the transaction were not disclosed, sources had said earlier that the Bentonville, Arkansas-headquartered retail behemoth was likely to invest about $10 million in the first tranche and going up to as much as $50 million, in Ninjacart.
The deal is the latest indicator of both Flipkart and Walmart’s ambitions in the broader grocery segment.Under its terms, Ninjacart will strengthen both Flipkart’s online grocery business Supermart , and Walmart’s Best Price B2B cashand-carry stores, and their respective abilities to directly source fresh produce.
“Flipkart wants to offer fruits and vegetables to its customers, and while it has been running a pilot project in Hyderabad, the company has been looking for partners to work with.
This would help accelerate market access and reduce transportation costs," said Krish Iyer , CEO, Walmart India. | To read full story, visit https://startuparound.com/read/1576119605.549104/Walmart,-Flipkart-invest-in-Ninjacart?ref=audio_experience