Ninjacart Expands ESOP Pool With Fresh Equity Shares

SUMMARY

Ninjacart has expanded its ESOP pool by 36%, adding 2,397 new equity shares to increase the total from 6,522 to 8,919 shares

The agritech startup received shareholder approval through a special resolution at an EGM on January 17, 2025, without affecting existing shareholding percentages

The move comes amid Ninjacart's strong financial performance with 74% revenue growth to INR 2,002.7 Cr in FY24

B2B agritech startup Ninjacart has expanded its employee stock option plan (ESOP) pool by adding fresh 2,397 new equity shares.

As a result of this, the ESOP pool will increase by 36% to 8,919 equity shares from 6,522 equity shares.

In a regulatory filing, the company said its shareholders approved the ESOP expansion through a special resolution at an extraordinary general meeting (EGM) held on January 17, 2025.

The filing further added that the current expansion won’t affect the respective shareholding percentage of existing shareholders.

Founded by Thirukumaran Nagarajan, Kartheeswaran K.K., Vasudevan Chinnathambi, Sharath Loganathan, Ashutosh Vikram and Sachin Jose in 2015, Ninjacart is an agritech company that streamlines fresh produce supply chain by directly connecting farmers, traders and retailers.

Through its B2B marketplace, it claims to eliminate inefficiencies, ensures fair pricing for farmers, and delivers fresher produce to retailers.

Ninjacart offers tailored solutions like Ninja Mandi for traders and Ninja Kisaan for farmers, along with financial and business support tools.

Backed by investors like Tiger Global, Accel, Flipkart, and Walmart, it has raised $417.24 Mn over 16 rounds, according to Inc42 reports.

The company reported a 74% increase in the operating revenue in FY24 to INR 2,002.7 Cr from INR 1,153.4 Cr in the previous fiscal year.

It also trimmed its net loss by 20% to INR 259.6 Cr in FY24 from INR 326.3 Cr in the previous fiscal year.

The company has also invested in Philippines-based agri-fisheries startup Mayani and entered the Brazilian market through a partnership with Arado last year.

This development aligns with a growing trend among new-age tech companies leveraging ESOPs to attract and retain top talent in India’s competitive startup ecosystem.

Yesterday (March 6), FirstCry allotted 9.84 Lakh equity shares and transferred 5.37 Lakh additional shares through its multiple ESOP schemes, while earlier on March 5, BlackBuck allotted 7.36 Lakh shares worth INR 30.5 Cr to its employees.

Late last month, food delivery giant Swiggy also allotted 8.64 Lakh shares valued at INR 30.62 Cr under its ESOP Plan 2021.