Ninjacart, a startup in the fresh produce supply chain, reported a 19% increase in operating revenues to Rs 1,153.5 crore for the financial year ending March 2023.
Despite the revenue growth, the company experienced an increase in losses, rising from Rs 307.9 crore to Rs 326.4 crore compared to the previous year.
Ninjacart, backed by investors like Tiger Global and Flipkart, aims to achieve a net profit by the end of fiscal year 2026.
Key cost drivers for the firm included purchases of stock in trade, which increased by 18.5% to Rs 1,085.6 crore, and employee-related expenses, growing by 51.6% to Rs 246.8 crore.
In November, Ninjacart consolidated its operations into a larger campus, aligning with its profitability goals, by leasing 1,037 seats from flexible office space operator Indiqube.
The startup plans to achieve a revenue of over Rs 2,500 crore in FY24, expanding its offerings to include new verticals such as commerce and fintech services supporting stakeholders in the agricultural value chain.
Ninjacart, initially established as a fresh produce supply chain entity in 2015, has evolved into an online marketplace connecting farmers, traders, retailers, exporters, and importers. With a workforce of 1,300 people and operations in 70 locations, it aims to expand to 200 cities and towns by 2024.
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