India’s agritech startup Ninjacart has raised $6 million in fresh funding after nearly four and a half years. The new investment comes at an important time for the Bengaluru-based company, which has announced that its core business is now EBITDA profitable and has started preparing for an Initial Public Offering (IPO) within the next two years.
The funding round was led by existing investors, including Accel, Nandan Nilekani and Tiger Global. The company said this is only the first part of a larger funding round, with more investors expected to join in the coming months.
Founded in 2015, Ninjacart has grown from a fresh produce startup into one of India’s biggest technology-driven farm supply chain companies. Today, it connects farmers directly with retailers, wholesalers, supermarkets and exporters across the country.
Ninjacart Focuses on Profitable Growth
Ninjacart’s latest financial numbers show that the company is focusing more on building a profitable business than simply increasing revenue.
In FY24, the company reported operating revenue of Rs 2,007 crore, up 74% from Rs 1,153.4 crore in FY23.
However, in FY25, operating revenue fell by 18% to Rs 1,634 crore. Total revenue for the year stood at Rs 1,705 crore, including Rs 71 crore earned from other income.
The drop in revenue was not unexpected. Ninjacart decided to close some low-margin and non-core businesses, including loss-making FMCG operations. This helped the company improve its business efficiency and focus on areas that generate better returns.
As a result, the company improved its gross and contribution margins and achieved EBITDA profitability in its core business.
Its losses also remained almost unchanged. Net loss stood at Rs 256 crore in FY25 compared to Rs 260 crore in FY24.
The company said its core fulfilment business is now growing at more than 100% year-on-year in FY26. It is aiming to become fully profitable at the company level during FY27.
Experts believe this shift from a high cash-burning business to a more sustainable model could improve Ninjacart’s valuation before its IPO. The company was last valued at around $815 million after raising $145 million from Walmart and Flipkart in 2021.
Strong Supply Network Supports Farmers Across India
Over the years, Ninjacart has built one of India’s largest farm-to-market supply chains.
The company now moves more than 1,500 tonnes of fresh fruits and vegetables every day through over 120 fulfilment centres and hubs across more than 40 cities.
Its platform connects over 1.5 lakh farmers, 30,000 retailers and around 5,000 resellers.
One of Ninjacart’s biggest strengths is reducing food waste. While the traditional fresh produce supply chain loses between 25% and 40% of produce, the company says its wastage rate is only 0.98%.
The platform now handles more than 150 product categories, from everyday vegetables to premium fruits like avocados.
Ninjacart has also expanded beyond fresh produce delivery. Through platforms like Ninja Mandi, Ninja Kisan and Ninja Kirana, it connects farmers directly with traders, kirana stores, supermarkets and exporters.
Interestingly, the company did not start as a B2B business. When it launched in 2015, Ninjacart was a 30-minute grocery delivery app for consumers. After facing supply and quality issues, the founders shut down the consumer business within a few months and shifted completely to the B2B farm supply chain model.
The company also introduced NinjaPay to help farmers receive faster payments while giving business customers access to credit through partner NBFCs.
Global Expansion and IPO Plans
Ninjacart is now taking its technology to other countries through its Ninja Global initiative.
The company has partnered with Arado in Brazil, Mayani in the Philippines and Entlaq in Egypt to support local agritech businesses. It has also teamed up with Peru-based Camposol to strengthen blueberry supply in India.
In India, Ninjacart has partnered with drone maker Garuda Aerospace to bring drone technology and financing options to farmers.
The company has also seen leadership changes. Kartheeswaran KK became CEO after co-founder Thirukumaran Nagarajan went on a medical sabbatical. Nagarajan continues to remain a promoter and director. Recently, Vivek Venkatesan joined the company as its new Chief Financial Officer.
Along with expanding its business, Ninjacart is supporting the agritech ecosystem through startup programmes and innovation initiatives. According to the company’s impact report, many farmers using its platform have seen higher incomes, a better quality of life and easier access to markets.
With fresh funding, improving profitability and IPO preparations now underway, Ninjacart is entering a new phase of growth as it aims to build a stronger and more efficient agricultural supply chain in India.