Flipkart-backed Ninjacart saw its operating revenue cross the INR 1,000 Cr mark in the financial year ended March 31, 2023. The B2B agritech startup reported sales of INR 1,153.4 Cr in the financial year 2022-23 (FY23), an increase of 19% from INR 967.3 Cr in FY22.
The startup primarily earns revenue by selling fresh fruits and vegetables to retailers such as restaurants, shops, and vegetable sellers by sourcing them directly from farmers. Founded in 2015 by Thirukumaran Nagarajan, Sharath Loganathan, Sachin Jose, Kartheeswaran KK and Vasudevan Chinnathambi, Ninjacart began operations as a B2C business. However, it later pivoted to the B2B model.
Total revenue, including other income, stood at INR 1,212.3 Cr during the year under review, an increase of 22.3% from INR 990.9 Cr it recorded in FY22.
Despite the increase in operating revenue, the startup’s loss rose 6% to INR 326.3 Cr in FY23 from INR 307.9 Cr in the previous fiscal year.
Where Did Ninjacart Spend?
Total expenditure rose 18% to INR 1,538.7 Cr during the year under review from INR 1,299.8 Cr in FY22.
Procurement Cost: This expense accounted for 71% of Ninjacart’s total expenditure. The startup spent INR 1,087.8 Cr on procurement cost in FY23, a jump of 19% from INR 915.9 Cr in FY22.
Employee Benefit Expenses: The startup spent INR 246.8 Cr to pay employee salary, and other employee benefits. This was an increase of 52% from INR 162.7 Cr it spent in the previous year. This rise is also an indication that the startup might have increased its headcount during the year under review.
Transportation Cost: Ninjacart managed to reduce its transportation cost by 27% to INR 44.1 Cr in FY23 from INR 60.8 Cr it spent in the previous year. Transportation cost is the amount spent by the company to transport the fresh stock.
EBITDA margin for the year under review improved to -26.2% from -28.7% in FY22.
Late last year, the startup entered the Brazilian market through a partnership with Arado, an agribusiness marketplace. Ninjacart has raised over $350 Mn in funding till date and counts marquee names such as Tiger Global, Flipkart, and Accel among its backers.
Ninjacart competes against the likes of WayCool Foods and FarmLink.
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