Ninjacart, an agritech startup, has secured a lease for 1,037 seats from the flexible office space provider Indiqube in Bengaluru as part of its efforts to expand and streamline its operations.
The emergence of this development coincides with the Flipkart-Walmart-backed company’s pursuit of profitability, while simultaneously exploring expansion into new sectors under the leadership of a new chief executive.
“As we embark on the journey of consolidating and expanding our office space within the flexible office environment, we embrace the collaborative spirit that fuels innovation. This strategic move not only enhances our operational efficiency but also fosters a dynamic ecosystem for creativity and growth,” said Sharath Loganathan, co-founder, Ninjacart.
Originally founded as a fresh produce supply chain entity in Bengaluru, Ninjacart has transformed into an online marketplace that connects farmers, traders, retailers, exporters, and importers through its trading platform.
The company has conveyed its confidence in achieving growth ranging from two and a half to three times this year. Additionally, it announced plans to raise funds in the upcoming year to support and drive further expansion.
The agritech company revealed a gross merchandise value of approximately INR 1,600 crore, with 60% stemming from fulfillment business and 30% from new offerings.
Founded in 2015, Ninjacart has garnered $377 million (approximately INR 3,100 crore) in funding from investors including Tiger Global Management LLC, Accel, and Infosys co-founder Nandan Nilekani. In its most recent funding round, it successfully raised around $145 million (INR 1,200 crore) from Flipkart and Walmart, achieving a valuation of $815 million (INR 6,780 crore).
Flexible office spaces are increasingly being embraced by occupiers as they prioritize the establishment of operational efficiencies through a distributed work model.
“Flexible workspaces essentially provide businesses with the infrastructure and resources they need to work efficiently, without the burden of long-term leases and high setup costs,” said Arpit Mehrotra, managing director, office services, South India, Colliers India.
Colliers India, a firm specializing in professional real estate services, facilitated the transaction for Ninjacart’s premium office space.
“We have seen the demand for 1,000 plus seats at flex workspaces has become the new normal as compared to an average of 500 seats before the pandemic, led by unicorns, among other factors,” said Mehrotra.
Industry estimates indicate that the flexible office segment experienced a threefold increase in size by March of this year compared to the preceding three years. In the first half of 2023, the segment witnessed the leasing of 4.5 million square feet of office space in major cities, reflecting a 25% year-on-year growth. Colliers reports that this growth was particularly notable in Bengaluru, Pune, and the Delhi-National Capital Region.
Ninjacart has diversified its operations into emerging sectors like commerce and fintech, with the goal of strengthening the agricultural value chain for farmers, traders, retailers, importers, and exporters. The company currently employs around 1,300 individuals and operates in 70 locations, with ambitious plans to extend its presence to 200 cities and towns within the next year.
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