Larix VC, a fund launched by Moscow-based businessmen Oskar Hartmann and Igor Rybakov, has invested $1 million in Indian startup Ninjacart. Launched in 2015, this B2B “agri-marketing platform” claims to serve currently more than 3,000 vegetables and fruits farmers, connecting them to businesses.
Ninjacart is the market leader in India, ahead of its competitors Crofarm, FarmTaaza and Sunny Bee, said Larix Operations Partner Alexander Zhdanov in an exchange with Russian industry resource Rusbase.
According to Rusbase, the startup has secured so far more than $80 million from such investors as Accel, Neoplux (Doosan Corp., South Korea), Mistletoe, M&S Partners, Qualcomm Ventures, Nrjn Trust, Syngenta Ventures, Trifecta Capital, and others.
Several venture funds with Russian roots or management are active on the Indian startup scene. Among them are Sistema Asia, RTP Global (formerly known as Ru-Net) and Altair VC.
From construction materials to venture
Russian billionaire Igor Rybakov is the founder of TechnoNICOL, a Russian giant in the field of construction materials. Oskar Hartmann, a German citizen born in Kazakhstan, has asserted himself as one of Russia’s best tech entrepreneurs since he launched flash sales site KupiVIP some 10 years ago (see interview).
Hartmann and Rybakov have teamed up in several projects, including the non-profit World Entrepreneurship Leadership Foundation.
Their joint VC fund Larix operates internationally from its offices in Moscow and Berlin, investing from $100,000 to $10 million at nay stage in virtually any tech segment. Larix claims to”close deals quickly” in a “entrepreneur-friendly” way, acquiring minority stakes of “not more than 35%.” It has invested in around 10 startups so far, according to CrunchBase, including Australian Car Next Door and Russian Foodza.
