Key Takeaways
- Ninjacart raised $6 million from existing investors Accel, Nandan Nilekani, and Tiger Global
- The company claims EBITDA profitability and is targeting an IPO within two years
- FY25 revenue dropped to Rs 1,634 crore from Rs 2,007 crore, while losses stayed flat at Rs 256 crore
Ninjacart, the Bengaluru-based fresh produce supply chain startup backed by Flipkart and Walmart, raised $6 million from existing investors Accel, Nandan Nilekani, and Tiger Global. The round marks the first tranche of a larger funding effort as the company prepares for a public listing within two years.
The company claims it has turned EBITDA profitable, though it did not disclose the valuation or total planned round size. This is the first external funding Ninjacart has announced since raising $9 million from STIC and Mainstream Digital in 2022 at a valuation of $812 million.
What does Ninjacart actually do?
Ninjacart connects farmers directly with businesses that need fresh produce. Its customers include quick-commerce platforms like Blinkit, Zepto, and Swiggy Instamart, along with modern trade retailers, traditional kirana stores, restaurants, and exporters. The company operates in more than 40 cities and handles over 150 fresh produce categories.
The scale is substantial. Ninjacart moves over 1,500 tonnes of produce daily and works with more than 150,000 farmers, 30,000 retailers, and 5,000 resellers. Its core business grew threefold in the past year, driven largely by quick-commerce demand.
How did Ninjacart reach EBITDA profitability?
According to CEO Kartheeswaran KK, the company achieved profitability through better category and channel mix, deeper sourcing relationships with farmers, reduced wastage, and improved supply chain efficiency. "Profitability has been our biggest focus, while growing steadily," he said. "We improved our margins through the right category and channel mix and by going backwards on the sourcing side."
The company has also evolved its business model. In 2023, Ninjacart expanded beyond its core fulfilment operation to build a marketplace for farmers and traders and offer financial services. Fulfilment remains its main revenue contributor.
The financials tell a more complicated story
EBITDA profitability is a milestone, but it does not mean the company is net profitable. The underlying financials show mixed performance.
In FY24, Ninjacart reported a 74% jump in operating revenue to Rs 2,003 crore while cutting losses by 20% to Rs 260 crore. That looked like strong momentum toward its stated goal of net profitability by FY26.
FY25 reversed course. Revenue dropped to Rs 1,634 crore from Rs 2,007 crore. Losses stayed flat at Rs 256 crore. A revenue decline of nearly 19% while losses hold steady is not the trajectory investors typically want to see ahead of an IPO.
Who is backing Ninjacart?
The investor list is heavy. Flipkart and Walmart led a $145 million round in December 2021. Other backers include Accel, Tiger Global, Nandan Nilekani, Syngenta Group Ventures, and Steadview Capital. The $6 million tranche is modest compared to those earlier raises, but it signals continued confidence from existing investors.
Nilekani, the Infosys co-founder who architected India's Aadhaar system, has been an early believer in agritech. Tiger Global, despite pulling back from Indian tech in recent years, remains on Ninjacart's cap table. Accel has backed multiple breakout Indian startups including Flipkart, Swiggy, and Freshworks.
Can Ninjacart pull off an IPO?
The company says it is targeting a public listing within two years. The EBITDA profitability claim helps its narrative, but public market investors will scrutinize the FY25 revenue decline closely. Supply chain businesses for perishables operate on thin margins and require constant operational discipline.
Quick-commerce is both an opportunity and a risk. Platforms like Blinkit and Zepto have driven demand for Ninjacart's services, but they also have leverage. If quick-commerce growth slows or the platforms squeeze supplier margins, Ninjacart's economics could shift quickly.
Logicity's Take
EBITDA profitability is a necessary condition for an IPO, not a sufficient one. Ninjacart's FY25 revenue decline raises questions about whether the company is optimizing for profitability by shrinking lower-margin business or facing genuine demand headwinds. The $6 million raise is small, likely bridge capital to extend runway while preparing financials for public scrutiny. For agritech founders, the lesson is clear: quick-commerce can be a growth accelerant, but dependence on a few large platforms creates concentration risk that public investors will price in.
Frequently Asked Questions
How much funding has Ninjacart raised in total?
Ninjacart has raised over $150 million across multiple rounds. Major raises include $145 million from Walmart and Flipkart in 2021 and $9 million in 2022 at an $812 million valuation.
When is Ninjacart planning its IPO?
The company is targeting a public listing within the next two years, according to its announcement.
Is Ninjacart profitable?
Ninjacart claims EBITDA profitability, but it is not net profitable. FY25 losses were Rs 256 crore on revenue of Rs 1,634 crore.
Who are Ninjacart's main customers?
Ninjacart supplies fresh produce to quick-commerce platforms, modern trade retailers, kirana stores, restaurants, and exporters across more than 40 cities in India.
Who founded Ninjacart?
Ninjacart was co-founded by Kartheeswaran KK, who serves as CEO. The company was founded in 2015 in Bengaluru.
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Source: Tech-Economic Times / ET
Manaal Khan
Tech & Innovation Writer
Produced with AI assistance and reviewed by the Logicity editorial team. Learn more in our Editorial Policy.
