Fresh produce supply chain startup Ninjacart has claimed that it turned EBITDA profitable, raised $6 million in the first tranche of a multi tranche investment round from existing investors, and begun preparations for an initial public offering over the next two years. The funding was led by existing backers Accel, Tiger Global, and Nandan Nilekani, with more existing investors expected to join the round. The latest investment comes after more than four and a half years for the Bengaluru based company. Ninjacart lastraised$145 million at a valuation of$815 millionin December 2021 from Walmart and Flipkart. The company has not disclosed its latest valuation. “In the last few years, profitability has been our biggest focus, while growing steadily. First, we improved our margins through the right category and channel mix and by going backwards on the sourcing side. Second, we leveraged technology and data to minimise wastage and reduce supply chain costs,” said Kartheeswaran KK, co-founder and CEO of Ninjacart. Founded in 2015 by Kartheeswaran KK, Thirukumaran Nagarajan, and Ashutosh Vikram, Ninjacart operates a full stack fresh produce supply chain connecting farmers with retailers, quick commerce platforms, modern trade chains, exporters, and HoReCa customers. The company claims to be the largest fresh produce supplier to India's quick commerce industry. It operates across more than 40 cities and manages a portfolio of over 150 products, ranging from onions, potatoes, and tomatoes to blueberries, avocados, and apples. According to the company, its core businesses have grown threefold over the past year. Ninjacart counts Walmart, Flipkart, Accel, Tiger Global, Nandan Nilekani, Syngenta Group Ventures, and Steadview Capital among its investors. The company believes its profitability and business scale position it for a public listing within the next two years. Ninjacart's revenue from operations declined to Rs 1,634 crore in FY25 from Rs 2,007 crore in FY24. The company reported a loss of Rs 256 crore in FY25, compared to Rs 260 crore in FY24. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
