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Ninjacart claims Rs 2002 Cr in gross revenue for FY24

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Gyan Vardhan
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Ninjacart’s gross revenue crosses Rs 1,600 Cr in FY23

With a 74% year-on-year growth in gross revenue, agritech firm Ninjacart sustained its growth trajectory in the last fiscal year. Simultaneously, the company reported a 20% reduction in losses; however, this is an adjusted loss figure that excludes tech and infrastructure costs.

Ninjacart’s gross revenue surged to Rs 2,002.7 crore in FY24 from Rs 1,153.4 crore in FY23. The premium product lines contributed to volume growth and improved gross margins, as per the firm’s press release.

Ninjacart is a marketplace that connects farmers, traders, and retailers, using technology to address supply chain challenges. Its approach includes targeted solutions like Ninja Mandi for traders and Ninja Kisaan for farmers. It also partners with local traders and retailers to strengthen its network and support local businesses.

While the company hasn’t given any expense figure, it claimed that major operational improvements, such as AI-driven quality assessment, pricing algorithms, helped Ninjacart to variabilize supply chain costs. 

Ninjacart reported a 20% reduction in adjusted losses, down to Rs 259.6 crore in FY24 from Rs 326.3 crore in FY23. This improvement highlights the company’s strong commitment to achieving profitability through operational efficiencies and cost management, said the release. 

Apart from India, Ninjacart is also looking at the use case of its supply chain ecosystem in overseas countries. The company invested in Philippines-based  Mayani in April this year.

According to startup data intelligence platform TheKredible, Ninjacart has raised 2172 crore in total risk capital across several funding rounds. Tiger Global is the largest stakeholder in the Bengaluru-based company, followed by Walmart, Accel Partners and Flipkart.

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