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Tue, 15 Sept 2026
06:09:47 pm
Tue, 15 Sept 2026
06:09:47 pm
Synopsis
Ninjacart Funding News: Fresh produce startup Ninjacart raises $6 million, turns EBITDA profitable, and begins preparations for an IPO within two years. Check funding details, financial performance, business overview, and market outlook.
Fresh produce supply chain startup Ninjacart has raised $6 million (around ₹51 crore) in the first tranche of a multi-stage funding round from its existing investors, marking its first capital raise in more than four and a half years. Alongside the funding announcement, the Bengaluru-based company revealed that it has achieved EBITDA profitability and has begun preparations for an Initial Public Offering (IPO) over the next two years.
The latest investment underscores continued investor confidence in Ninjacart's business model as the company shifts its focus from aggressive expansion to sustainable profitability. Existing investors, including Accel, Tiger Global, and Nandan Nilekani, led the funding round, while additional existing shareholders are expected to participate in subsequent tranches.
The announcement comes at a time when India's startup ecosystem is increasingly rewarding companies that demonstrate profitability and operational efficiency ahead of public market listings.
While Ninjacart has reported significant improvements in operational efficiency and EBITDA profitability, its reported financial statements continue to reflect accounting losses due to depreciation, finance costs, and other non-operating expenses.
| Particulars | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Revenue from Operations | ₹1,634 Crore | ₹2,007 Crore | -18.6% |
| Net Loss | ₹256 Crore | ₹260 Crore | Improved Marginally |
| EBITDA | Positive | Negative | Turned Profitable |
Despite lower reported revenue, the company emphasized that improvements in margins and supply chain efficiency have enabled it to achieve EBITDA profitability.
The latest capital infusion is Ninjacart's first external funding round since December 2021, when the startup raised $145 million from investors including Walmart and Flipkart at a valuation of $815 million.
The company has not disclosed its latest valuation following the current investment.
| Particulars | Details |
|---|---|
| Amount Raised | $6 Million |
| Funding Stage | First Tranche of Multi-Tranche Round |
| Lead Investors | Accel, Tiger Global, Nandan Nilekani |
| Previous Fundraise | $145 Million (December 2021) |
| Previous Valuation | $815 Million |
| Latest Valuation | Not Disclosed |
Ninjacart's management highlighted profitability as its primary strategic focus over the past few years.
According to Kartheeswaran KK, Co-founder and CEO of Ninjacart, the company has strengthened its financial position through a combination of better product mix, improved sourcing strategies, technology adoption, and supply chain optimisation.
The company said it improved gross margins by focusing on the right product categories and customer channels while simultaneously reducing wastage through data-driven inventory management and operational efficiencies.
These initiatives have helped lower supply chain costs and improve profitability despite a challenging business environment.
With EBITDA profitability achieved, Ninjacart has formally begun preparations for a potential stock market listing within the next two years.
The company believes its improving financial performance, expanding business scale, and leadership position in India's fresh produce supply chain ecosystem provide a strong foundation for a future IPO.
Over the past year, Ninjacart claims its core businesses have grown threefold, further strengthening its public market ambitions.
Founded in 2015 by Kartheeswaran KK, Thirukumaran Nagarajan, and Ashutosh Vikram, Ninjacart operates a full-stack agricultural supply chain connecting farmers directly with businesses across India.
The company supplies fresh fruits and vegetables to:
Ninjacart currently operates across more than 40 Indian cities and manages a portfolio of over 150 fresh produce products, ranging from staple vegetables such as onions, potatoes, and tomatoes to premium imported fruits including avocados, blueberries, and apples.
The startup also claims to be the largest supplier of fresh produce to India's quick commerce industry.
Since its inception, Ninjacart has attracted investments from several leading global and domestic investors.
Its investor base includes:
The continued participation of existing investors in the latest funding round reflects confidence in the company's long-term growth strategy.
India's agricultural supply chain sector is undergoing rapid transformation as organised retail, e-commerce, and quick commerce platforms continue expanding across the country. Efficient procurement, cold-chain logistics, and technology-driven inventory management are becoming increasingly important competitive advantages.
Ninjacart has positioned itself as a key player in this evolving ecosystem by building an integrated supply chain that connects farmers directly with institutional buyers while reducing intermediaries, wastage, and logistics costs.
The company's transition to EBITDA profitability is particularly significant at a time when investors are prioritising sustainable growth over aggressive cash burn. With fresh capital, improving operational efficiency, and preparations for an IPO already underway, Ninjacart appears to be entering its next phase of growth.
Investors will closely monitor several key developments over the coming quarters, including:
These factors will likely determine the company's readiness for an IPO and its long-term growth trajectory.
| Highlights | Details |
|---|---|
| Company | Ninjacart |
| Latest Funding | $6 Million |
| Funding Round | First Tranche |
| Lead Investors | Accel, Tiger Global, Nandan Nilekani |
| EBITDA Status | Profitable |
| FY25 Revenue | ₹1,634 Crore |
| FY25 Net Loss | ₹256 Crore |
| Cities Served | 40+ |
| Product Portfolio | 150+ Fresh Produce Products |
| IPO Timeline | Within 2 Years |
Ninjacart has raised $6 million in the first tranche of a multi-stage funding round from existing investors.
The funding was led by existing investors Accel, Tiger Global, and Nandan Nilekani, with additional investors expected to participate in subsequent tranches.
The company has announced that it has achieved EBITDA profitability, although it reported a net loss of ₹256 crore for FY25 due to non-operating expenses.
Ninjacart has begun preparations for an IPO within the next two years, supported by its improving profitability and business scale.
Ninjacart operates a technology-driven fresh produce supply chain connecting farmers with retailers, quick commerce platforms, exporters, hotels, restaurants, and institutional buyers across more than 40 cities in India.
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