|| Shree Mumba Devi Prasanna ||


AGMARKNET
23 May 2024
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Ninjacart empowers Philippine agritech firm Mayani with strategic investment

Ninjacart empowers Philippine agritech firm Mayani with strategic investment

Walmart-backed Ninjacart, India's leading agri-startup that leverages technology and data to organize the global agriculture ecosystem, joins forces with Philippine B2B agritech innovator Mayani in a landmark deal.

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BENGALURU / MANILA, 19 April 2024: Walmart-backed Ninjacart, India's leading agri-startup that leverages technology and data to organize the global agriculture ecosystem, joins forces with Philippine B2B agritech innovator Mayani in a landmark deal.

This strategic partnership sees Ninjacart deploying capital alongside cutting-edge supply chain technology and its advisory services to fuel Mayani's innovation and growth trajectory. Ninjacart will also support Mayani’s expansion efforts and jointly establish an integrated Asian agri-food supply chain that would catalyze more digital innovations geared to address Asia’s complex food basket.

Ninjacart’s investment in Mayani, facilitated through its venture funding arm, NinjaVentures, marks a significant step in its international expansion strategy.

The partnership will focus on identifying and addressing global food supply gaps, leveraging cross-border opportunities to amplify Mayani's market presence. Mayani will integrate Ninjacart’s advanced technology, source traceability, and inventory management solutions to achieve inter-operability, hyper-efficiency, predictive modeling, and to enhance its supply chain efficiency.

Ninjacart’s entry into Mayani coincides with follow-on funding from existing investors, including the Jimenez family, after Mayani’s successful $1.7 million seed round led by AgFunder in 2023. With over three times revenue growth in the same fiscal year and positive margins, Mayani demonstrates strong fundamentals for further expansion and impact.

Kartheeswaran K K, Co-Founder & CEO, Ninjacart, expressed his excitement about the deal, saying "Our investment in Mayani reflects our unwavering commitment to revolutionize global agri commerce. By bridging the expertise of two agricultural powerhouses, India and the Philippines, we aim to create a transformative impact and unlock new opportunities in the Asian agri-commerce landscape and beyond."

Ochie San Juan, Co-founder and Chief Farmer at Mayani, expresses enthusiasm about the partnership, stating, "The strategic additionality beyond capital, coupled with Ninjacart's deep understanding of the Asian agri-supply chain, excites us about this investment. It strengthens the locus of our business, which is tech-enabled output market linkage, that further reinforces our upstream interventions on climate-positive inputs and rural financing”

Ninjacart's key investors, such as Walmart, Accel, and Tiger Global, have been instrumental in shaping its trajectory. This milestone highlights the aligned vision of Ninjacart and its investors to meet the evolving demands of agricultural ecosystems through the esteemed NinjaVentures.

NinjaVentures is a notable global endeavour committed to sharing Ninjacart's technological expertise, knowledge, and skills with emerging startups worldwide, aiming to transform agricultural supply chains in a manner akin to the challenges faced by nations like the Philippines.

Mayani boasts a vast grassroots network of over 144,000 organized smallholder farmers and fisherfolk across the Philippine archipelago. Its multi-point value chain platform optimizes supply chain dynamics, connecting fragmented supply with B2B market demand seamlessly. Moreover, Mayani's ancillary agro-services empower smallholders, enhancing yield and climate resilience through quality agricultural inputs and facilitating rural financial inclusion.

The alliance between Ninjacart and Mayani heralds a new era of innovation and collaboration in the Philippine agritech sector, driving sustainable growth and economic empowerment across the agricultural value chain. 


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