Walmart Inc. is expected to invest nearly $50 million in fresh produce supply chain startup NinjaCart, The Economic Times (India) reported Aug. 2, citing three people familiar with the matter.
Two of the sources reportedly said the first tranche, anticipated at $10 million, will likely close in the next three weeks.
As part of the transaction, the U.S. giant will get a seat in NinjaCart's board and receive a right to invest further in the startup, the report said.
"As a policy, we don't comment on market speculations or rumors," a Walmart India spokesperson reportedly said. NinjaCart did not respond to an email seeking comment.