Ninjacart said it turned EBITDA profitable by improving its category and channel mix and optimising supply chain costs
The Walmart-backed B2B agritech startup is also gearing up for an IPO. It has also raised $6 Mn from existing investors as part of a multi-tranche funding round
It claims it recorded 3X core business growth last year and is now the largest fresh produce supplier to India’s quick commerce sector
B2B agritech soonicorn Ninjacart
has raised $6 Mn in the first tranche of a larger funding round. This tranche was led by existing backers Accel, Tiger Global and Infosys’ cofounder Nandan Nilkeani. The startup didn’t share the targeted size of the round but said more investors are expected to double down on the startup in its ongoing round.
In a statement, Ninjacart said that the round is in the run up to its planned IPO within the upcoming two years.
The startup claimed that it has achieved EBITDA profitability and has started preparing for the public listing. However, cofounder and CEO Kartheeswaran KK had already claimed more than three years back that Ninjacart would turn profitable in FY26.
“In the last few years, profitability has been our biggest focus, while growing steadily. First, we improved our margins through the right category & channel mix and by going backwards on the sourcing side. Second, we leveraged technology and data to minimise wastage and reduce supply chain costs,” said Kartheeswaran.
These operational optimisations led Ninjacart to record a 3X growth in its core business over the past year. However, the startup did not share the exact numbers for its top line and bottom line performance for the fiscal year FY26.
Inc42 has reached out to the startup to get more details on the IPO size and timeline, financial metrics and the targeted pre-IPO fundraise ahead of its public listing. The story will be updated based on its responses.
Founded in 2015 by Kartheeswaran, Thirukumaran Nagarajan, Sharath Loganathan, Sachin Jose, and Vasudevan Chinnathambi, Ninjacart began operations as a B2C business.
However, it later pivoted to a B2B model, and now operates a full-stack supply chain for fresh produce. The startup now positions itself as a strategic vendor to quick commerce platform, claiming to be the largest fresh produce supplier in the sector.
The startup said that it moves over 1,500+ tonnes of fresh produce a day between more than 40 cities across India, and has partnered with over 150,000 farmers, 30,000 retailers and 5,000 resellers.
On the financial front, Ninjacart made a net loss of ₹256 Cr in FY25 while its operating revenue fell by around 18.5% YoY to ₹1,634 Cr.
Source: Inc42 - Startups
