Ninjacart Achieves EBITDA Profitability and Secures Funding

Fresh produce supply chain startup Ninjacart has announced its achievement of EBITDA profitability while raising $6 million in the initial tranche of a multi-tranche funding round. This investment comes from existing investors as the company gears up for an initial public offering within the next two years. The funding round is led by established investors such as Accel, Tiger Global, and Nandan Nilekani, with additional backing anticipated from other investors.

This latest funding follows more than four and a half years of growth for the Bengaluru-based company. Ninjacart previously raised $145 million at a valuation of $815 million in December 2021, involving investors like Walmart and Flipkart. The company has not yet disclosed its current valuation.

Kartheeswaran KK, co-founder and CEO of Ninjacart, highlighted that the primary focus over the past few years has been on profitability alongside steady growth. He mentioned that the company improved its margins by optimising the category and channel mix, as well as enhancing sourcing processes. Furthermore, the company leveraged technology and data to reduce waste and lower supply chain costs.

Ninjacart’s Operations and Market Presence

Founded in 2015 by Kartheeswaran KK, Thirukumaran Nagarajan, and Ashutosh Vikram, Ninjacart operates a comprehensive fresh produce supply chain that connects farmers with retailers, quick commerce platforms, modern trade chains, exporters, and HoReCa customers. The company considers itself the largest fresh produce supplier to India’s quick commerce industry, functioning in over 40 cities with a product range of more than 150 items, including onions, potatoes, tomatoes, blueberries, avocados, and apples.

According to the company, its core business operations have expanded threefold over the past year. Ninjacart’s investors include industry giants such as Walmart, Flipkart, Accel, Tiger Global, Nandan Nilekani, Syngenta Group Ventures, and Steadview Capital. The company is confident that its profitability and business scale will facilitate a public listing in the coming two years.

Financial Performance

Ninjacart reported a decline in revenue from operations, recording Rs 1,634 crore in FY25, down from Rs 2,007 crore in FY24. The company also posted a loss of Rs 256 crore in FY25, compared to a loss of Rs 260 crore in FY24.