Ninjacart, the dynamic B2B agritech startup backed by Flipkart, has harvested remarkable financial gains, with operating revenue breaching the INR 1,000 Crore mark in the fiscal year ending March 31, 2023. The company’s financial report for FY23 reveals sales soaring to INR 1,153.4 Cr, marking a robust 19% increase from the previous fiscal year’s INR 967.3 Cr.
Founded in 2015 by Thirukumaran Nagarajan, Sharath Loganathan, Sachin Jose, Kartheeswaran KK, and Vasudevan Chinnathambi, Ninjacart initially ventured into the B2C domain before transitioning to its current B2B model. The startup focuses on supplying fresh fruits and vegetables directly sourced from farmers to a diverse clientele, including restaurants, shops, and vegetable vendors.
While total revenue, inclusive of other income, reached INR 1,212.3 Cr, signifying a substantial 22.3% growth from FY22’s INR 990.9 Cr, the startup experienced a 6% increase in losses, reaching INR 326.3 Cr in FY23 from INR 307.9 Cr in the previous fiscal year.
Where the Green Gains Blossomed:
Procurement Cost: Ninjacart allocated 71% of its total expenditure, amounting to INR 1,087.8 Cr, towards procurement costs in FY23. This marked a 19% surge from the INR 915.9 Cr spent in FY22.
Employee Benefit Expenses: The startup witnessed a noteworthy 52% rise in employee benefit expenses, reaching INR 246.8 Cr from the previous year’s INR 162.7 Cr. This growth suggests a potential increase in the company’s workforce during the reviewed period.
Transportation Cost: Ninjacart successfully trimmed its transportation cost by 27%, bringing it down to INR 44.1 Cr in FY23 from the previous year’s INR 60.8 Cr. This reduction signifies optimized spending on the transportation of fresh produce.
The EBITDA margin for FY23 exhibited improvement, shifting to -26.2% from -28.7% in FY22.
Last year, Ninjacart made a strategic move by entering the Brazilian market through a partnership with Arado, an agribusiness marketplace. The startup, backed by investors like Tiger Global, Flipkart, and Accel, has accumulated over $350 Mn in funding.
In the competitive landscape, Ninjacart faces contenders such as WayCool Foods and FarmLink as it continues to cultivate success in the B2B agritech sphere.
