Ninjacart, a full-stack fresh produce startup that counts among its investors Tiger Global, Flipkart and Walmart, said that it has achieved operational profitability and raised fresh capital from its existing investors as it prepares for a public listing over the next two years.
The latest funding comes about four years after Ninjacart's previous funding round in 2022, when it bagged $9 million from STIC and Mainstreet Digital.
The company, operated by 63Ideas Infolabs Pvt Ltd, has secured $6 million (Rs 57 crore) in the first tranche of a larger funding round. Its existing investors Accel, Nandan Nilekani and Tiger Global led the current tranche.
“In the last few years, profitability has been our biggest focus, while growing steadily,” said Kartheeswaran KK, co-founder and chief executive of Ninjacart. “First, we improved our margins through the right category and channel mix, and by going backwards on [improving] the sourcing side. Second, we leveraged technology and data to minimise wastage and reduce supply chain costs," he added.
The Bengaluru-based company is a fresh produce supplier across quick commerce, modern trade, traditional retail, export-import, and the hotels, restaurants, and catering (HoReCa) segment. Currently, it manages a diverse portfolio of over 150 products from onions, potatoes and tomatoes to blueberries, avocados and apples.
Background
The company was set up in 2015. It started as a hyperlocal grocery delivery service and later transitioned to a business-to-business model. The company currently moves over 1,500 tonnes of fresh produce a day across more than 40 cities, and works with more than 150,000 farmers.
It is involved in sourcing, quality, fulfillment, storage and embedded credit across the supply chain.
Before the current fundraise and the 2022 round, it had raised $145 million (Rs 1,095 crore) from US retail giant Walmart Inc, and its Indian e-commerce arm Flipkart in December 2021.
It also has names such as US-based Qualcomm Ventures, Russia’s HR Capital, Japanese venture capital firm-cum-accelerator Mistletoe, Infosys co-Founder Nandan Nilekani’s NRJN Trust and South Korea-based Neoplux, the venture arm of Doosan Corp., on its captable.
