Agritech startup Ninjacart reported a sharp 74% year-on-year increase in revenue to Rs 2,002.7 crore for the fiscal year ended March 31, 2024, compared with Rs 1,153.4 crore earned in the previous year. Its growth was underpinned by a diversified product mix and efficiency-driven initiatives.
The Bengaluru-based startup also trimmed its annual losses by 20%, reporting a net loss of Rs 259.6 crore, down from Rs 326.3 crore in FY23, according to a press release.
Ninjacart, which offers commerce, finance, and fulfilment solutions to the agricultural ecosystem, attributes the reduction in losses to a strategic set of initiatives aimed at cutting operational costs and scaling volumes in its steady push toward profitability. In its fulfilment business, the company has significantly lowered wastage through AI-driven quality control, predictive pricing, and real-time quality assessments.
This approach has allowed Ninjacart to adapt its supply chain costs to market needs, achieving profitability across key urban centres, it said in a statement.
Additionally, the launch of premium fruits and vegetables has become a key revenue driver, enriching the company’s volume mix and supporting higher gross margins. This premium category has helped Ninjacart expand into new sales channels and reach a wider range of customer segments, it added.
In Tier II and III cities, Ninjacart said it has strengthened ties with local traders and retailers, offering marketplace solutions customised to help smaller businesses remain competitive.
“We are thrilled to report these positive numbers, which reflect our unwavering commitment to transforming the agricultural ecosystem in India,” said Kartheeswaran KK, Co-founder and CEO, Ninjacart.
“Our continued investment in technology and partnerships is enabling us to provide high-quality produce while simultaneously empowering farmers, traders, retailers and local economies,” he added.
