Ninjacart makes strategic investment in the Philippines-based agritech firm Mayani

From The SnackFax

Ninjacart, a Walmart-backed agritech company, has made a strategic investment in Philippines-based agri-fisheries startup Mayani.

However, the financial terms of the deal were not disclosed by the company.

As per the deal, Ninjacart will not only provide capital but also offer supply chain support and advisory services to fuel Mayani’s innovation and growth trajectory, as outlined by the startup.

Additionally, Ninjacart will assist in Mayani’s expansion efforts and collaborate to establish an integrated Asian agri-food supply chain aimed at catalyzing further digital innovations to address the complexities of Asia’s food basket.

Founded by Ochie San Juan and Jeff Barreiro, Mayani works with farmers involved in pisciculture. The startup asserts its commitment to empowering them with sustainable pathways to market, improving yield, and climate resilience through quality inputs and alternative credit. It has already impacted the lives of more than 10 million farmers.

Among its investors, the startup includes AgFunder, ADB, Plug and Play Ventures, Ocean Impact, and Atlas Ventures.

As part of the company’s objectives for global expansion, Ninja Ventures, its venture capital arm, facilitated the new investment. According to the announcement, the collaboration will concentrate on locating and filling gaps in the world’s food supply while utilising international opportunities to increase Mayani’s market share.

Kartheeswaran K K, cofounder and CEO of Ninjacart, stated, “We are steadfastly committed to transforming the global agri-commerce industry, and this investment in Mayani reflects that.” We want to have a revolutionary effect and open up new avenues for growth in the Asian agri-commerce market by combining the knowledge of two agricultural giants, the Philippines and India.

“We’re excited about this investment,” Juan continued, “because Ninjacart has a deep understanding of the Asian agri-supply chain and it offers strategic additionality beyond capital.” The core of our company is strengthened—tech-enabled output market linkage—which in turn increases our upstream interventions on funding for rural areas and climate-positive inputs.

Mayani plans to incorporate Ninjacart’s cutting-edge technology, source traceability, and inventory management solutions to attain interoperability, hyper-efficiency, predictive modeling, and to bolster its supply chain effectiveness.

According to Ninjacart, the agreement aligns with follow-on funding from current investors, such as the Jimenez family, subsequent to Mayani’s prosperous $1.7 million seed round spearheaded by AgFunder in 2023.

Ninjacart has been actively expanding its global presence. Last year, the agritech company disclosed its venture into the Brazilian market via a collaboration with Arado, an agribusiness marketplace in Brazil.

In FY23, Ninjacart surpassed the INR 1,000 crore mark in operating revenue. The B2B agritech startup recorded sales of INR 1,153.4 crore during this period, marking a 19% increase from INR 967.3 crore in FY22.

Mayani, which was named the 2023 Breakthrough Maverick by Glenfiddich’s Where Next Club program, will also be provided with strategy and one-on-one mentorship to help the business grow.

The whiskey maker said a panel of judges consisting of Endeavor Philippines Managing Director Manny Ayala, fashion retail firm Terry S.A. President Anne Gonzales and venture capital company 500 Global partner Martin Cu unanimously chose Mayani to be the winning startup.

The startup founders laid out a “comprehensive” pitch presentation, which also included addressing a “very timely problem of food security for the country” that would aid both Filipino consumers and producers, Glenfiddich said.