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Ninjacart's Fiscal Success: A Comprehensive Analysis of its Rs 1,000 Crore FY23 Revenue Surge


  • 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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