Ninjacart pares losses to ₹259 cr for fiscal 2024

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Agritech firm Ninjacart said on Tuesday that its operating revenue for fiscal year 2024 soared to ₹2,002.7 crore, an increase of 74 per cent from previous year’s ₹1,153.4 crore. The company’s efforts have resulted in a 20 per cent reduction in losses to ₹259.6 crore in FY24 from ₹326.3 crore in the previous fiscal year.
In a statement Ninjacart’s said its focus on profitability and reduction in losses has been supported by a series of strategic initiatives that have lowered operational costs and increased business volumes. In the fulfillment business, the company has reduced wastage by leveraging artificial intelligence (AI) for quality assaying, prediction and pricing while their proprietary supply chain technology has enabled end to end traceability. This has allowed Ninjacart to successfully variabilize its supply chain costs leading to profitability in key cities.
Furthermore, the introduction of premium fruits and vegetables has made a growing contribution to the overall volume mix. This strategic addition has led to improved gross margins and enabled Ninjacart to effectively penetrate new channels and customer segments. In tier 2 and 3 cities, the company continues to collaborate with traders and retailers, providing them with tailored marketplace solutions that empower them to thrive in a competitive landscape.
“We are thrilled to report these positive numbers, which reflects 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.”
Founded in 2015, Ninjacart addresses complex supply chain challenges with offerings such as Ninjacart for retailers, Ninja Mandi for traders, Ninja Kisaan for farmers, Ninja Kirana dedicated to fast-tracking the growth of small business owners, Ninjal Global for importers and exporters. Over 8 lakh farmers, 1 lakh retailers, 20,000+ resellers and 120+ cities have become part of Ninjacart’s community.
Ninjacart’s investors include Accel US, Syngenta Ventures, Nandan Nilekani, Qualcomm Ventures, Tiger Global, and Walmart.