Ninjacart ’s Financials, Revenue, Profit, Valuation & Shareholding Overview (2025)
Legal Name: Ninjacart Private Limited | CIN: U52100KA2019PTC130334
Introduction
Ninjacart, founded in 2015 by Thirukumaran Nagarajan and team, is a Bengaluru-headquartered agritech startup revolutionizing farm-to-fork supply chains for fresh produce. By leveraging technology for demand prediction, procurement, cold-chain logistics, and retailer integration, Ninjacart reduces wastage and improves margins for farmers and buyers alike. The company’s platform aggregates produce from farmers across regions, applies AI-driven quality assessment, and orchestrates efficient delivery networks, enabling retailers and foodservice businesses to source directly at scale. Robust data analytics and real-time tracking ensure transparency and freshness, positioning Ninjacart as a key enabler in India’s agricultural ecosystem.
Company Snapshot & Financials FY24
| Founding year | 2015 |
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| Headquarters | Bengaluru, Karnataka, India |
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| Valuation | ₹5,850 Cr |
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| Total Funding | $508M |
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| Employees | 1,103 |
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| Annual Revenue (USD) | Not available |
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| Annual Net Profit (USD) | Not available |
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| Annual EBITDA (USD) | Not available |
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Funding History
| Round | Date | Amount | Valuation | Investors |
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| Seed | 2015 | $1M | Not disclosed | Accel, Blume Ventures |
| Series A | 2016 | $5M | Not disclosed | Accel, Blume Ventures |
| Series B | 2018 | $22M | Not disclosed | Alpha Wave Ventures, Accel |
| Series C | 2020 | $90M | $440M valuation | Venture Partners, Tiger Global |
| Series D | 2022 | $145M | $815M valuation | Flipkart, Walmart, Infosys |
| Series E | 2024 | $60M | ₹5,850 Cr valuation | Investors |
Revenue and Profit Trends
Ninjacart’s revenue grew from ₹967 Cr in FY22 to ₹1,600 Cr in FY23 (↑66%) and to ₹2,081.5 Cr in FY24 (↑30%), while net losses increased from ~₹300 Cr to ₹326.3 Cr in FY23 then narrowed to ₹259.6 Cr in FY24 (↓20%), reflecting improved operational efficiency amid rapid scaling.
Expense Efficiency & Margins
Ninjacart improved unit economics by optimizing logistics and leveraging AI for demand forecasting, reducing loss margins from high levels in earlier years to around 12% of revenue in FY24, indicating progress toward sustainable operations.
Employee Trend & Insights
Employee count saw fluctuations as Ninjacart optimized operations: from ~3,000 in FY22 to ~3,500 in FY23 before adjusting to ~3,200 in FY24, reflecting efforts to streamline logistics and technology roles. Future hiring will focus on technology, supply chain resiliency, and sustainability initiatives.
Strategic Growth, Plans & IPO
- Expand geographic footprint by deepening reach in underserved regions and strengthening last-mile logistics partnerships.
- Enhance data-driven forecasting models and cold-chain infrastructure to minimize wastage and improve margins.
- Diversify into adjacent categories like dairy, seafood, and processed foods leveraging existing network.
- Explore strategic partnerships and collaborations to bolster market presence and technology capabilities.
- Evaluate potential IPO once unit economics stabilize and growth trajectory sustains profitability.
Latest News
In late 2024, Ninjacart crossed ₹2,000 Cr revenue with losses narrowing by 20% to ₹259.6 Cr. The company raised $60M in 2024 at an estimated ₹5,850 Cr valuation, focusing on streamlining supply chains and pursuing profitability goals in preparation for a possible IPO.
Overall Summary
| Metric | Details |
|---|
| Employees | ~3,000 → ~3,500 → ~3,200 |
| Revenue | ₹967 Cr → ₹1,600 Cr (↑66%) → ₹2,081.5 Cr (↑30%) |
| Net Loss | ₹300 Cr → ₹326.3 Cr → ₹259.6 Cr (↓20%) |
| EBITDA Margin | -30% → -20% → -12% |
| Valuation & Funding | ₹5,850 Cr; $508M |
| IPO Status | Considering IPO when unit economics and scale support profitability. |
| Expansion Focus | Geographic expansion, cold-chain investment, adjacent categories, strategic partnerships. |
| Latest News | ₹2,081.5 Cr revenue, loss ₹259.6 Cr in FY24; $60M funding at ₹5,850 Cr valuation |
Conclusion
Ninjacart’s rapid growth in revenues coupled with narrowing losses demonstrates resilience in the challenging agritech logistics sector. Continued focus on technology-driven efficiency, supply chain optimization, and disciplined financial management will be critical for achieving sustainable profitability and readiness for a potential IPO.
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