Ninjacart announces the implementation of Rs.100 crore ($13.4 million) employee stock ownership plan (Esop). Current and former employees with vested Esops as of December 2021 are eligible to sell all their vested Esops. It is the second Esop buy back from Ninjacart and last one was in 2019.

By the implementation, the firm aims to attract and retain good talent while bolstering the company’s vision of building technology and infrastructure for farmers, resellers, retailers, consumers, and supply chain participants.

Thirukumaran Nagarajan, co-founder and CEO, Ninjacart says, “our current and previous employees who stood by us and helped us achieve every milestone with their extraordinary effort. This Esop buyback programme is a small gesture of our gratitude towards our employees because, without them, we will not be where we are today. Esop buyback plans offer people a true chance at wealth creation and it allows employees to participate in the company's success which has only been possible through their hard work and loyalty.”

In 2019 December, the firm increased its funding from Walmart as well as from its Indian e-commerce arm Flipkart, while doing a follow-on round of funding in October 2020. The company also secured $90 million from US-based investment firm Tiger Global Management in April 2019.

Ninjacart's other investors include venture capital firms Accel, US-based Qualcomm Ventures, Russia’s HR Capital, Japanese venture capital firm-cum-accelerator Mistletoe, Infosys co-founder Nandan Nilekani’s NRJN Trust and South Korea-based Neoplux, the venture arm of Doosan Corp.

Ninjacart was found in 2015 and backed by 63Ideas Infolabs Pvt Ltd. Start-up began as a hyperlocal grocery delivery company and then shifted to a business-to-business setup. Farmers can sell vegetables and fruit directly to business establishments such as shops, retailers and restaurants via the startup’s platform. Ninjacart says it works closely with the farmers and has till date helped over 1,00,000 farmers across 150 villages to generate better revenue.