Fresh produce supply chain startup Ninjacart has reported a 74% increase in operating revenue for FY24, reaching Rs 2,002.7 crore, up from Rs 1,153.4 crore in FY23. The company also reported a 20% reduction in net losses, which fell to Rs 259.6 crore from Rs 326.3 crore in the previous fiscal year.
The company attributes this improved financial performance to operational cost-cutting and increased business volumes. According to Ninjacart, it leveraged AI-driven solutions for quality assessment, dynamic pricing and waste reduction, while its proprietary supply chain technology enabled end-to-end traceability. These measures helped the company achieve variable supply chain costs and profitability in key markets.
Ninjacart’s portfolio includes several targeted services: “Ninjacart for Retailers” for small business growth, “Ninja Mandi” for traders, “Ninja Kisaan” for farmers, and “Ninja Kirana” for local shops. The introduction of premium fruits and vegetables has also boosted gross margins, expanding Ninjacart’s reach into new customer segments.
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Founded in 2015, Ninjacart has raised approximately $756 million, backed by major investors like Accel, Walmart, Flipkart, and Qualcomm Ventures. Recent funding rounds include a $9.2 million Series D in May 2022 and a $145 million Series D in December 2021. As of March 31, 2023, Tiger Global Management holds an 18.9% stake, followed by Accel at 13.9%, GEC3 and Flipkart at 12.6% each, and Syngenta Group at 4.2%. Founders collectively hold a 9.5% stake.
Ninjacart claims to serve over 800,000 farmers, 100,000 lakh retailers, and more than 20,000 resellers across 120 cities in India.
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