B2B agritech firm Ninjacart disclosed a gross revenue of Rs 1,600 crore in FY23, a notable increase from Rs 945 crore in FY22, as stated by the company’s co-founder and CMO, Kartheeswaran K K.
According to Entrackr's report, A breakdown reveals that 80% of the total GMV was earned from the sale of produce, with the remainder derived from commissions and credit facilities.
What does Ninjacart do?
Ninjacart facilitates B2B clients, including retailers and restaurants, to source fresh produce directly from a network of over 5 million farmers.
The agritech startup claims that its presence includes more than 80 collection centers and warehouses across key Indian cities. It has evolved from being a produce supply chain to a broader marketplace platform.
Profit or loss?
Despite the growth in revenue, Ninjacart saw its losses rise by 6.2% in FY23. In the competitive sphere, DeHaat and WayCool recorded revenues of Rs 1,965 crore and Rs 1,800 crore, respectively, for the same fiscal year.
Ninjacart's co-founder expressed a revenue target of Rs 4,000 crore for FY24 and hopes for the company to achieve profitability by FY26.
In addition, the startup recently partnered with Brazilian agribusiness marketplace Arado, hinting at its intent to extend its solutions beyond Indian borders.
Ninjacart's recent fundraising
Last year, Ninjacart raised around $9 million in funding from South Korea's STIC Investment and an infusion of $145 million from Flipkart and Walmart.
Furthermore, Ninjacart implemented an ESOP buyback program and acquired Tecxprt, a SaaS-based solutions firm, to bolster its operational framework.