In FY24, agritech company Ninjacart achieved an impressive 74% increase in gross revenue, reaching Rs 2,002.7 crore compared to Rs 1,153.4 crore in FY23. The company also reported a 20% reduction in adjusted losses, demonstrating significant strides toward profitability. This adjusted figure excludes certain tech and infrastructure costs, highlighting Ninjacart’s focus on streamlined operations.
The company’s premium product lines were instrumental in driving both volume growth and enhanced gross margins. As a digital marketplace that connects farmers, traders, and retailers, Ninjacart tackles supply chain inefficiencies through targeted solutions like Ninja Mandi for traders and Ninja Kisaan for farmers. Collaborations with local traders and retailers further strengthen its reach and reinforce support for local commerce.
Although specific expenses weren’t disclosed, Ninjacart noted advancements in operational efficiency, including AI-driven quality assessments and dynamic pricing algorithms, which helped manage supply chain expenses more effectively. This allowed Ninjacart to lower adjusted losses to Rs 259.6 crore in FY24 from Rs 326.3 crore in FY23, showcasing the company’s focus on cost optimization and profitability.
Expanding beyond India, Ninjacart is exploring potential applications for its supply chain model in international markets, marked by a recent investment in Mayani, a Philippines-based agri-platform, in April.
Ninjacart has garnered a total of Rs 2172 crore in funding across multiple rounds, with Tiger Global as its largest backer, followed closely by Walmart, Accel Partners, and Flipkart, as reported by startup data platform TheKredible.