Ninjacart’s Revenue Jumps 74% To INR 2,002 Cr In FY24

B2B agritech startup Ninjacart has reported 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. 

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

This comes on the back of a series of strategic initiatives aimed at lowering operational costs and increasing business volumes. Ninjacart also introduced premium fruits and vegetables to add to its overall volume mix.

The company was also able to leverage AI for waste reduction in its fulfillment business. This technological integration also enhances overall efficiency in the supply chain. 

In terms of new channels and customer segments, Ninjacart continues to expand its reach, particularly in tier 2 and tier 3 cities, where it collaborates with local traders and retailers.

Ninjacart’s cofounder and CEO Kartheeswaran KK said, “We are thrilled to report these positive numbers, which reflect our unwavering commitment to transforming the agricultural ecosystem in India. Our continued investment in technology and partnerships is enabling us to provide high-quality produce while simultaneously empowering farmers, traders, retailers and local economies.”

It is pertinent to note that last year, KK conveyed that the company would turn profitable in fiscal 2026.

Founded in 2015 by Thirukumaran Nagarajan, Sharath Loganathan, Sachin Jose, Kartheeswaran KK and Vasudevan Chinnathambi, Ninjacart began operations as a B2C business. However, it later pivoted to the B2B model. 

It competes against the likes of WayCool Foods, Dehaat and FarmLink, among others.