Ninjacart is India’s largest fresh produce marketing platform with a supply chain directly integrated from farmers to bulk purchasers such as retailers and restaurants. The company required capital to invest in key assets such
as distribution and fulfilment centres, to help it scale its throughput up from 100 tons a day in 2017.
We devised a novel fee-based structure for Ninjacart which helped them finance their capital expenditure efficiently. The availability of this credit across multiple tranches also gave further flexibility to draw down
capital as and when required by the business. Further, as there was high sensitivity to equity dilution from new investors, the structure allowed for a stand-alone credit solution which met the investor requirements as well.
This was in contrast to the traditional interest rate and equity option-based venture debt model, and was unique at the time. Today, it has become an industry standard.
This capital helped Ninjacart ramp up fulfilment 5x to 500+ tons a day. Since then, the company has been able to bring in several large investors such as Walmart, Flipkart, Syngenta, and continues to enable thousands
of farmers across India with better price realizations.