Produce startup gets Walmart investment
Walmart Inc. and its subsidiary Flipkart are investing in an Indian startup company that works to get farm-fresh produce to stores faster and at a lower cost, the companies said in a joint news release Wednesday.
The companies didn't disclose the amount of the investment, but said the deal is expected to close by year-end.
Partnering with Bengalaru-based Ninjacart, a fresh supply-chain startup, will help Walmart India "create a better linkage between the 44,000 farmer suppliers and the 60,000 [small retailers] we work with, increasing the supply of fresh fruits and vegetables to our business customers and to consumers," a Walmart spokeswoman said.
Founded in 2015, Ninjacart uses mobile apps and other technology to move produce more efficiently, resulting in lower transportation and refrigeration costs and less food waste. Ninjacart also provides 100% traceability of produce along the supply chain, the news release stated.
Bentonville-based Walmart has a number of initiatives designed to support India's farmers and owners of small businesses called kiranas.
-- Serenah McKay
Cybersecurity center set to open in Rogers
Fishtech Group, based in Kansas City, Mo., plans to open a 10,000 square-foot cybersecurity center in Northwest Arkansas in the coming months.
The Cyber Defense Center in Rogers will initially house 20 employees and expand to a staff of 100, Fishtech said Monday. It is expected to open by June. The address is 4300 J.B. Hunt Drive.
Fishtech, a cybersecurity services provider, said it plans to bring training, technology and resources to the area.
In a news release, Kerry Kilker, Fishtech's chief operating officer and chief information security officer, said they chose to place an office in Rogers to be closer to the many high-growth companies in the region.
"They each have evolving cybersecurity needs that we believe are better served locally," said Kilker, who will lead the Rogers office once complete. Before joining Fishtech, he worked at Walmart for more than 30 years.
-- Nathan Owens
State index closes at 464.22, down 2.00
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Wednesday at 464.22, down 2.00.
"Minutes released by the Federal Open Market Committee indicating that current monetary policy is 'appropriate to support sustained expansion of economic activity' sparked equities higher in afternoon trading as the materials and information technology sectors outperformed," said Leon Lants, managing director at Stephens Inc. in Little Rock.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 12/12/2019