Accel, Tiger Global and Nandan Nilekani Back Fresh Produce Startup as It Eyes Public Listing Within Two Years
Fresh produce supply chain startup Ninjacart has raised $6 million in the first tranche of a multi-stage funding round led by existing investors Accel, Tiger Global, and Nandan Nilekani. Alongside the fundraise, the Bengaluru based company announced that it has achieved EBITDA profitability and has begun preparations for an initial public offering (IPO) targeted within the next two years.
The latest investment marks Ninjacart’s first funding round in more than four and a half years. The company had last raised $145 million in December 2021 from Walmart and Flipkart at a valuation of $815 million. While the startup has not disclosed its latest valuation, it said additional existing investors are expected to participate in subsequent tranches of the ongoing round.
The announcement signals a strategic shift as Ninjacart focuses on sustainable growth and profitability ahead of entering the public markets.
Profitability Takes Centre Stage
According to Kartheeswaran KK, Co-founder and CEO of Ninjacart, improving profitability has been the company’s primary focus over the past few years.
He said the company strengthened its margins by optimizing its product categories, improving sales channel mix, and enhancing sourcing operations directly from farmers. At the same time, investments in technology and data analytics helped reduce wastage, improve operational efficiency, and lower supply chain costs.
These initiatives enabled the company to achieve EBITDA profitability, a key milestone that strengthens its readiness for a future IPO.
While EBITDA profitability reflects improvements in core business operations, the company continues working toward achieving overall net profitability.
Building India’s Fresh Produce Supply Chain
Founded in 2015 by Kartheeswaran KK, Thirukumaran Nagarajan, and Ashutosh Vikram, Ninjacart operates a full-stack technolog enabled supply chain connecting farmers directly with businesses.
Its customer base includes retailers, quick commerce platforms, modern trade chains, exporters, and HoReCa (Hotels, Restaurants and Cafés) businesses.
The company currently operates in more than 40 cities across India and manages a portfolio of over 150 fresh produce products, ranging from everyday staples such as onions, potatoes, and tomatoes to premium fruits including blueberries, avocados, and apples.
According to Ninjacart, it has become the largest supplier of fresh produce to India’s quick commerce industry, benefiting from the rapid growth of instant grocery delivery platforms.
Strong Investor Support Continues
The latest funding round has been led entirely by existing investors, reflecting continued confidence in the company’s long-term strategy.
Ninjacart’s investor base includes prominent names such as Walmart, Flipkart, Accel, Tiger Global, Nandan Nilekani, Syngenta Group Ventures, and Steadview Capital.
The company stated that more existing investors are expected to participate as additional tranches of the funding round are completed.
The capital is expected to support business expansion, technology investments, operational improvements, and preparations for its proposed stock market listing.
IPO Plans Take Shape
With EBITDA profitability now achieved, Ninjacart believes it is well-positioned to pursue an IPO within the next two years.
The company considers profitability, operational scale, and its strong presence in India’s agricultural supply chain as key strengths supporting its public market ambitions.
India’s capital markets have witnessed growing interest in technology-driven businesses demonstrating sustainable unit economics, making profitability an increasingly important factor for IPO-bound startups.
Ninjacart’s focus on financial discipline reflects the broader shift among venture-backed startups toward balancing growth with profitability.
Financial Performance
Despite operational improvements, Ninjacart reported lower revenue during the previous financial year.
According to its financial filings, revenue from operations declined to ₹1,634 crore in FY25, compared with ₹2,007 crore in FY24.
The company reported a net loss of ₹256 crore during FY25, marginally improving from a loss of ₹260 crore recorded in the previous year.
Although revenue declined, management highlighted that its core businesses have grown threefold over the past year, suggesting the company has focused on higher-margin segments while streamlining operations.
The achievement of EBITDA profitability despite lower revenue indicates improved operational efficiency and stronger cost management.
A Growing Opportunity in Agritech
India’s agricultural supply chain remains one of the country’s largest yet most fragmented sectors, creating significant opportunities for technology led businesses.
Increasing demand from quick commerce companies, organized retail, exporters, and food service businesses has accelerated the need for efficient sourcing and distribution networks.
Ninjacart has positioned itself at the centre of this transformation by connecting farmers directly with institutional buyers through a technology driven platform.
With fresh funding, improved profitability, and IPO preparations underway, the company appears focused on entering its next phase of growth.
If it successfully maintains operational performance while improving overall profitability, Ninjacart could emerge as one of India’s next major agritech companies to enter the public markets.
