Tiger Global, the American investment company, has sowed INR 625 crore in Ninjacart and acquired roughly 26.5 per cent stake. Following the investment, the agri-tech firm, Ninjacart is valued over $320 million. The investment is considered the largest by the New York-based investment group, Tiger Global.
63Ideas Infolabs-owned NinjaCart has issued 20,442 Series-C convertible shares at INR 3, 04, 142.78 apiece, as per the regulatory filings reported by the Indian daily news, The Economic Times.
NinjaCarts 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, co-founder of paper.vc, told the Indian daily news, The Economic Times.
This investment alludes the growing interest of the American investment group, Tiger Global in the Indian ecosystem. It is the second investment of Tiger Global in the Indian business ecosystem in the present month. Earlier on, the New York-based investment group made its former investment in CleverTap, a mobile analytics and marketing startup company. Tiger Global essentially participated in the funding round of CleverTap, beside Accel Partners and Sequoia Capital.
Furthermore, Tiger Globals investment sum (to Ninja Cart) is the largest amount endowed by the investment group so far. The company has also endowed money to then-startups, Flipkart and consequently, reshaped the entire Indian ecosystem.