Agritech Startup Ninjacart's revenue hits Rs 2002 crore in FY24
The agritech company Ninjacart maintained its development trajectory in the most recent fiscal year, with a 74% increase in gross sales year over year.
Concurrently, the business declared a 20% decrease in losses; however, this is an adjusted loss amount that does not include infrastructure and technology expenses.
The gross revenue of Ninjacart increased from Rs 1,153.4 crore in FY23 to Rs 2,002.7 crore in FY24. According to the company’s news release, the premium product lines enhanced gross margins and increased volume. Ninjacart is a marketplace that uses technology to solve supply chain issues by bringing together farmers, merchants, and retailers.
Targeted solutions like Ninja Kisaan for farmers and Ninja Mandi for traders are part of its strategy. In order to promote local companies and expand its network, it also collaborates with traders and shops in the area.
Although the business did not provide an exact cost, it stated that significant operational enhancements, including AI-powered quality evaluation and pricing algorithms, assisted Ninjacart in adjusting supply chain expenses.
Adjusted losses for Ninjacart decreased by 20% from Rs 326.3 crore in FY23 to Rs 259.6 crore in FY24. According to the announcement, this development demonstrates the company's strong commitment to attaining profitability through cost control and operational improvements. In addition to India, Ninjacart is investigating the application of its supply chain ecosystem in other nations.
In April of this year, the corporation made an investment in Mayani, a company based in the Philippines.
TheKredible, a startup data analytics platform, claims that Ninjacart has raised a total of 2172 crore in risk capital over the course of multiple fundraising rounds. The biggest shareholder in the Bengaluru-based business is Tiger Global, which is followed by Walmart, Accel Partners, and Flipkart.
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