Ninjacart, a B2B agritech startup, saw its operating revenue rise by 74% in FY24, reaching INR 2,002.7 Cr, up from INR 1,153.4 Cr the previous year.
Ninjacart cuts revenue losses to INR 259.6 Cr
According to INC42, the company cut its net loss by 20% to INR 259.6 Cr in FY24 from INR 326.3 Cr the previous year. This was due to various strategies to lower costs and boost business volumes. Ninjacart also added premium fruits and vegetables to its offerings.
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Furthermore, the company used AI to cut waste in its fulfilment business, improving supply chain efficiency. Ninjacart is also expanding into new channels and customer segments, especially in tier 2 and 3 cities, by working with local traders and retailers.
The company to become profitable by FY26- Ninjacart CEO
In a media release, Ninjacart’s co-founder and CEO Kartheeswaran KK stated, “We are thrilled to report these positive numbers, which reflect our unwavering commitment to transforming the agricultural ecosystem in India. Our continued investment in technology and partnerships is enabling us to provide high-quality produce while simultaneously empowering farmers, traders, retailers and local economies.”
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It’s worth noting that last year, KK mentioned the company expects to become profitable by fiscal 2026.
Established in 2015 by Thirukumaran Nagarajan, Sharath Loganathan, Sachin Jose, Kartheeswaran KK, and Vasudevan Chinnathambi, Ninjacart started as a B2C business but later shifted to the B2B model. It competes with companies like WayCool Foods, Dehaat, and FarmLink.