Flipkart-backed B2B agritech startup Ninjacart saw its operating revenue cross the INR 1,000 Crore mark in the financial year ended on March 31, 2023. Reporting sales of INR 1,153.4 Crore in the fiscal year 2022-23 (FY23), the company experienced a notable 19% increase from the INR 967.3 Crore recorded in FY22.
The startup generates its main revenue stream through the direct sale of fresh fruits and vegetables to retailers, including restaurants, shops, and vegetable vendors, sourced directly from farmers. Established in 2015 by Thirukumaran Nagarajan, Sharath Loganathan, Sachin Jose, Kartheeswaran KK, and Vasudevan Chinnathambi, Ninjacart initially commenced operations as a B2C business but subsequently shifted to the B2B model.
Total Revenue Soars: INR 1,212.3 Crore in FY23
The total revenue, including other income, stood at INR 1,212.3 Crore during the year under review, reflecting an increase of 22.3% from the INR 990.9 Crore recorded in FY22.
In spite of the growth in operating revenue, the startup incurred a 6% increase in losses, reaching INR 326.3 Crore in FY23 compared to INR 307.9 Crore in the preceding fiscal year.
Expenditure for the year under review increased by 18%, reaching INR 1,538.7 Crore, compared to INR 1,299.8 Crore in FY22.
Procurement Costs Surge by 19% at Ninjacart
Procurement cost accounted for 71% of Ninjacart’s total expenditure. In FY23, the startup witnessed a 19% surge in procurement cost, with spending reaching INR 1,087.8 Crore, compared to INR 915.9 Crore in FY22.
Ninjacart successfully trimmed its transportation expenses by 27%, lowering the cost to INR 44.1 Crore in FY23 from the INR 60.8 Crore incurred in the preceding year. This cost represents the expenditure associated with transporting the company’s fresh stock.
The EBITDA margin in the year under review showed improvement, shifting from -28.7% in FY22 to -26.2%.
Global Expansion: Ninjacart’s Strategic Entry into Brazil
Late last year, the startup made its foray into the Brazilian market through a partnership with Arado, an agribusiness marketplace. With funding over $350 million to date, Ninjacart has garnered support from major backers such as Tiger Global, Flipkart, and Accel.
Continue Exploring: Flipkart-backed Ninjacart makes a bold entry into Brazil’s agribusiness sector
Ninjacart competes with the likes of WayCool Foods and FarmLink.