Flipkart-Backed Ninjacart’s Net Loss Narrows 70% To INR 308 Cr

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Flipkart-backed Ninjacart, a B2B agritech startup based in Bengaluru, has reported a 70% reduction in net losses to INR 307.9 crore (approximately $41.2 million) in the financial year ending March 31, 2022, from INR 1,023 crore (approximately $137 million) in the previous year, as its expenses declined and margins improved. The company’s revenue also increased by 1.2X to INR 967.3 crore (approximately $129.5 million) in FY22 from INR 755 crore (approximately $101 million) in FY21. The startup sources fruits, vegetables, and other groceries from farmers and supplies them to supermarkets, kirana stores, and other retailers. Ninjacart operates in over 150 markets and last raised $145 million from Flipkart in September 2021 at a valuation of over $800 million. Ninjacart is a B2B agritech startup that operates a tech-enabled supply chain for the agricultural produce industry in India. It connects farmers directly with retailers and businesses by leveraging technology to optimize the supply chain and reduce wastage. It is notable that Ninjacart operates in over 150 markets and has received significant funding from investors such as Flipkart and Tiger Global. In September of 2021, the company raised $145 million at a valuation of over $800 million. Additionally, the startup has launched a $25 million fund to invest in other agritech startups. Ninjacart competes with other B2B agri-tech companies such as WayCool Foods and Udaan.