WillItSurvive
Vertical and industry software · India

Bijak

bijak.in ↗

Bijak runs an app-based marketplace linking Indian grain and produce traders across mandis.

Little protection left
Assessed 30 July 2026 · Evidence as of 30 July 2026
Not much stands between this business and its pressures.
On the recordSince 30 July 2026 · Checkable from Spring 2027 · Every call on the record Checkpoint: FY26 RoC filing showing whether GMV decline continued or stabilized
The call

Bijak's trade volume has shrunk two years running while better-funded rivals expand in the same market and no new capital has arrived since early 2022.

Bijak connects farmers and traders in India's agricultural markets, but it is getting smaller: sales dropped 25% last year while losses grew to 61 crore rupees, and it has not raised new investor money since 2022. Richer competitors like Ninjacart and DeHaat are winning the same customers because they have more cash to spend and better execution. The company claims its trader network and trust ratings are hard to copy, but those have not stopped the decline. If Bijak announces a desperate funding round, major layoffs, or gets bought out by a bigger rival, that would signal the company is in trouble and running out of time.

Why
01
AI pressure: AI-driven agentic sourcing and price-discovery tools. No lab has built a farm-trade matching agent yet, but future tools could bypass Bijak's trader network directly. Could AI do the core job? Only partly.
02
Bigger players: Ninjacart and DeHaat. Both rivals run live agri-trade platforms with far more capital while Bijak's GMV fell 25% in FY25. Could a giant copy it? Yes, easily.
03
What protects it. A base of small traders already using its app daily for trust ratings, payments, and mandi contacts.
What would change this call
Bijak's FY26 RoC filing (expected spring 2027) shows GMV decline or stabilization. Confirms whether the two-year revenue slide is continuing or reversing.
Any bridge loan, debt round, or down-round announcement for Bijak within 6-12 months. Would show cash strain given no fresh equity since Jan 2022.
News of layoffs or an M&A/acquisition talk involving Bijak and Ninjacart or DeHaat. Would indicate distressed consolidation rather than independent growth.
Key numbers
  • FY25 GMV fell 25% to Rs 557.1 Cr (2026-04-10)
  • FY25 net loss Rs 61.1 Cr, up 11% YoY (2026-04-10)
  • No new equity since $19.37M Series B (2022-01-20)
Named risks
  • No new equity funding since January 2022, over four years without a fresh disclosed round. Severity: high
  • GMV declined for two straight fiscal years, down 24.8% in FY25 to Rs 557.1 Cr. Severity: high
  • Net losses rising, up 11% to Rs 61.1 Cr in FY25 despite shrinking revenue. Severity: high
  • Better funded rivals Ninjacart and DeHaat scaling and acquiring in the same fragmented agri-trade niche. Severity: medium
  • Core price discovery and matching functions are automatable by AI driven agentic sourcing tools. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
Ninjacartlosing toNinjacart raised $360M+, claims EBITDA profit, IPO prep as of Jul 2026 vs Bijak's stagnant capital since Jan 2022
DeHaatlosing toDeHaat raised $247M+, made 2 acquisitions in 2025 while Bijak's GMV fell 24.8% in FY25
OfBusinesslosing toOfBusiness posted Rs 20,645 Cr FY26 revenue and Rs 724 Cr profit, dwarfing Bijak's Rs 557.1 Cr GMV
Questions people ask
Is Bijak profitable in 2026?
No. Bijak's FY25 net loss was Rs 61.1 Cr, up 11% year over year, while GMV fell 24.8% to Rs 557.1 Cr, per an April 2026 financial filing report. This marks the second straight year of shrinking revenue alongside widening losses.
Who owns Bijak?
Bijak is a privately held, VC backed Indian startup with no parent company. It has raised about $33.7 to $36.4 million total, with its last disclosed round a $19.37 million Series B led by Bertelsmann India Investments announced around January 2022.
Is Ninjacart or DeHaat a bigger threat to Bijak?
Both are ahead. Ninjacart has raised over $360 million, claims EBITDA profitability, and is prepping an IPO as of July 2026. DeHaat has raised over $247 million and made two acquisitions in 2025, while Bijak has not raised new equity since January 2022.
Could AI replace Bijak?
Partially. Bijak's price discovery and buyer seller matching are automatable by AI tools, but its ground level logistics and trust relationships with traders across 2,000+ mandis are harder to replicate purely with software, as of its April 2026 filing disclosures.
Has Bijak raised any new funding recently?
No. Bijak's last disclosed funding round was a $19.37 million Series B led by Bertelsmann India Investments around January 2022. As of mid 2026, over four years have passed without a new publicly reported equity round.
What is Bijak's revenue trend?
Bijak's GMV rose 13x to Rs 807 Cr in FY23, then declined to Rs 740.4 Cr in FY24 and further to Rs 557.1 Cr in FY25, a 24.8% year over year drop, while net losses climbed to Rs 61.1 Cr as of an April 2026 report.
Timeline
  • 2026-07-28Competitor OfBusiness reports FY26 revenue of Rs 20,645 Cr and profit of Rs 724 Cr
  • 2026-07-03Rival Ninjacart secures $6M from Accel and Tiger Global, preps possible IPO
  • 2026-04-10Bijak's FY25 GMV reported down 24.8% to Rs 557.1 Cr, loss up 11% to Rs 61.1 Cr
  • 2025-04-24Rival DeHaat raises $23.4M debt round
  • 2024-08-01Bijak's ESOP pool stands at 8.9% of total equity
  • 2024-05-01Bijak's FY23 GMV reported at Rs 807 Cr, up 13x year over year
  • 2022-11-03Bijak's FY22 revenue reported at Rs 62.5 Cr
  • 2022-01-20Bijak closes $19.37M Series B led by Bertelsmann India Investments
  • 2020-04-24Bijak raises $12M Series A led by RTP Global
  • 2019-12-17Bijak raises $2.5M seed from Sequoia Surge, Omidyar Network, Omnivore, Better Capital
Revision history
30 July 2026
First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.
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