Ninjacart Raises $6 Million from Existing Investors, Claims EBITDA Profitability Ahead of Planned IPO

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.

Company Financials

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.

First Funding Round Since 2021

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.

Latest Funding Snapshot

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

EBITDA Profitability Marks Major Milestone

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.

Preparing for IPO Over the Next Two Years

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.

India's Largest Fresh Produce Supply Chain for Quick Commerce

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:

• Quick commerce platforms
• Retail chains
• Modern trade outlets
• Hotels, restaurants, and catering (HoReCa)
• Exporters
• Wholesale buyers

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.

Strong Investor Backing

Since its inception, Ninjacart has attracted investments from several leading global and domestic investors.

Its investor base includes:

• Walmart
• Flipkart
• Accel
• Tiger Global
• Nandan Nilekani
• Syngenta Group Ventures
• Steadview Capital

The continued participation of existing investors in the latest funding round reflects confidence in the company's long-term growth strategy.

Market Analysis

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.

What Should Investors Watch?

Investors will closely monitor several key developments over the coming quarters, including:

• Progress toward a public listing
• Future funding tranches and valuation updates
• Revenue growth after achieving profitability
• Expansion into new cities and customer segments
• Margin sustainability
• Continued growth in quick commerce partnerships

These factors will likely determine the company's readiness for an IPO and its long-term growth trajectory.

Key Takeaways

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

How much funding has Ninjacart raised?

Ninjacart has raised $6 million in the first tranche of a multi-stage funding round from existing investors.

Who invested in the latest funding round?

The funding was led by existing investors Accel, Tiger Global, and Nandan Nilekani, with additional investors expected to participate in subsequent tranches.

Is Ninjacart profitable?

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.

When is Ninjacart planning its IPO?

Ninjacart has begun preparations for an IPO within the next two years, supported by its improving profitability and business scale.

What does Ninjacart do?

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.