Ninjacart, India’s leading agri-tech startup transforming the agricultural ecosystem through technology and data, announced today that its operating revenue for fiscal year 2024 soared to Rs. 2,002.7 Cr, marking an impressive 74% increase from Rs. 1,153.4 Cr in fiscal year 2023. The company's efforts have resulted in a 20% reduction in losses to Rs. 259.6 Cr in FY24 from Rs. 326.3 Cr in the previous fiscal year.
Ninjacart’s unwavering focus on profitability and reduction in losses has been supported by a series of strategic initiatives that have lowered operational costs and increased business volumes. In the fulfillment business, the company has reduced wastage by leveraging AI for quality assaying, prediction and pricing while their proprietary supply chain technology has enabled end to end traceability. This has allowed Ninjacart to successfully variabilize its supply chain costs leading to profitability in key cities.
Furthermore, the introduction of premium fruits and vegetables has made a growing contribution to the overall volume mix. This strategic addition has led to improved gross margins and enabled Ninjacart to effectively penetrate new channels and customer segments. In tier 2 and 3 cities, the company continues to collaborate with traders and retailers, providing them with tailored marketplace solutions that empower them to thrive in a competitive landscape. The focus on building strong partnerships and supporting local businesses further strengthens Ninjacart's market position and contributes to ongoing growth.
“We are thrilled to report these positive numbers, which reflects our unwavering commitment to transforming the agricultural ecosystem in India,” said Kartheeswaran KK, Co-Founder and CEO, Ninjacart. “Our continued investment in technology and partnerships is enabling us to provide high-quality produce while simultaneously empowering farmers, traders, retailers and local economies.”
