Bengaluru: Agritech startup Ninjacart has leased 1,037 seats from flexible office space operator Indiqube in Bengaluru to expand and consolidate its operations.
The development comes as the Flipkart-Walmart-backed firm ey- es profitability, even as it looks to expand into new segments under a new chief executive.
“As we embark on the journey of consolidating and expanding our office space within the flexible office environment, we embrace the collaborative spirit that fuels in- novation. This strategic move not only enhances our operational efficiency but also fosters a dynamic ecosystem for creativity and growth,” said Sharath Loganathan, co-founder, Ninjacart. Bengaluru-based Ninjacart, initially established as a fresh produce supply chain entity, has evolved into an online marketplace linking farmers, traders, retailers, exporters and importers on its trading platform.
The company expressed confidence in its ability to achieve two and a half to three times growth this year and said it plans to raise funds in the coming year to fuel further expansion.
The agritech firm disclosed a gross merchandise value of about 1,600 crore, with 60% attributed to fulfilment business and 30% to new offerings.
Established in 2015, Ninjacart Iras raised $377 million (about Rs 3,100 crore) from investors such as Tiger Global Management LLC, Accel and Infosys co-founder Nan- dan Nilekani. In its latest funding round, it secured about $145 mil- lion (1,200 crore) from Flipkart and Walmart, reaching a valua- tion of $815 million (6,780 crore).
Flexible office spaces continue to gain ground with occupiers as they focus on building operational efficiencies through a distributed I work model.
Source- The Economic Times