Flipkart Backed Ninjacart Raises 6 Million From Accel Nilekani Tiger Global

Flipkart-backed fresh-produce supply chain startup Ninjacart said it has raised $6 million from existing investors Accel, Nandan Nilekani, and Tiger Global, marking the first tranche of a larger funding round as it prepares for a public listing over the next two years.The Bengaluru-based company, which supplies fruits and vegetables to quick-commerce platforms, modern trade, kirana stores, restaurants, and exporters, said it has turned Ebitda (earnings before income, tax, depreciation, and amortisation) profitable. It did not disclose the valuation or the total size of the planned multi-tranche round.The fundraising is modest in size but comes after a prolonged gap for Ninjacart, which last raised $9 million from STIC and Mainstream Digital in 2022 at a valuation of $812 million, after a $145 million investment from Walmart and Flipkart in December 2021, ET had reported. Its backers also include Walmart, Syngenta Group Ventures and Steadview Capital.Ninjacart’s focus on profitability follows a shift in its business over the past two years. ET had reported in 2023 that the company was expanding beyond its legacy fulfilment operation—connecting farmers with retailers and wholesalers—to build a marketplace for farmers and traders and offer financial services, while keeping fulfilment as its main revenue contributor.The company said improvement in category and channel mix, deeper sourcing, lower wastage, and supply-chain efficiencies helped it reach Ebitda profitability. “Profitability has been our biggest focus, while growing steadily,” cofounder and CEO Kartheeswaran KK said in the statement. “We improved our margins through the right category and channel mix and by going backwards on the sourcing side.”Ninjacart said it now operates in more than 40 cities and manages over 150 fresh-produce categories. It moves over 1,500 tonnes of produce a day and works with more than 150,000 farmers, 30,000 retailers, and 5,000 resellers, according to the company. It said its core business has grown threefold in the last year, helped by demand from quick-commerce companies and modern trade.The profitability claim follows a mixed financial performance. Ninjacart had reported a 74% rise in FY24 operating revenue to Rs 2,003 crore, while reducing losses by 20% to Rs 260 crore, ET reported earlier. In FY25, however, revenue declined to Rs 1,634 crore from Rs 2,007 crore, while losses remained largely flat at Rs 256 crore.For Ninjacart, the planned IPO will test whether its shift from growth-at-scale to profitability can hold in a business that remains operationally heavy and margin-sensitive. The company had earlier targeted net profitability by FY26, ET reported in 2023.