Ninjacart
Runs India's farm-to-business produce supply chain for retailers and quick-commerce apps.
On the record
Checkpoint: Audited FY26 financial statements expected, which will confirm or refute the claimed EBITDA profitability
The call
Ninjacart moves real produce at real scale, but shrinking revenue and a flat, insider-only raise show the business is treading water while its biggest customers gain reasons to build the same thing themselves.
Ninjacart buys fresh produce from 150,000 farmers across 40+ Indian cities and sells it to quick-delivery apps like Blinkit and Zepto. Building this network took years and real work on the ground, so it is hard to copy overnight. But the customers Ninjacart serves (Blinkit, Zepto, Instamart) are larger, well-funded companies that could decide to buy directly from farmers instead, cutting out the middleman and keeping more profit for themselves. Revenue dropped 18.5% last year, and the company claims to be profitable but has not proven it publicly. The one thing that could turn this around is if the quick-delivery platforms decide the money and complexity are not worth it and stick with suppliers like Ninjacart instead of going it alone.
Why
01
AI pressure: None apparent. AI helps Ninjacart grade produce and forecast pricing internally; no AI product is displacing its physical sourcing and logistics network. Could AI do the core job? Unlikely.
02
Bigger players: Blinkit, Zepto, Swiggy Instamart. These quick-commerce customers have the capital and margin incentive to build in-house sourcing, cutting Ninjacart out as a middle layer. Could a giant copy it? Yes, easily.
03
What protects it. Its 150,000-farmer network, 40+ city cold-chain and grading operations took years to build and are hard to copy overnight.
What would change this call
Blinkit, Zepto, or Instamart announces in-house produce sourcing or farm-level procurement. Would show Ninjacart's biggest customers turning into direct competitors.
Terms and valuation of the next funding tranche after the $6M insider round. Would show whether investors value Ninjacart above or below its 2022 ₹812M mark.
Release of audited FY26 financial statements. Would confirm or contradict Ninjacart's claimed EBITDA profitability.
Terms and valuation of the next funding tranche after the $6M insider round. Would show whether investors value Ninjacart above or below its 2022 ₹812M mark.
Release of audited FY26 financial statements. Would confirm or contradict Ninjacart's claimed EBITDA profitability.
Key numbers
- FY25 revenue fell 18.5% YoY to Rs 1,634 crore
- Raised $6M from existing investors after 4.5 years
- Last priced valuation was $812-815M, set in 2022
Named risks
- Revenue fell 18.5% YoY in FY25 while profitability claims remain unaudited and self-reported.
- Only $6M raised after 4.5 years with no new valuation, signaling weak investor conviction versus 2022 mark.
- Downstream customers Blinkit, Zepto, and Instamart have capital and incentive to vertically integrate sourcing.
- Larger rival DeHaat is already profitable at greater revenue scale, undercutting market leadership claims.
- Reported layoff of ~60 staff in August 2025 amid broader agritech sector funding contraction.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| DeHaat | losing to | DeHaat reported ₹3,000+ crore FY25 revenue and ₹369 crore net profit vs Ninjacart's ₹1,634 crore revenue and loss, Jan 2026 |
| Blinkit | contesting | Ninjacart supplies Blinkit's dark stores but Blinkit has capital and incentive to vertically integrate sourcing |
| Zepto | contesting | Zepto pursuing IPO amid quick-commerce margin war, June 2026, could pressure upstream suppliers like Ninjacart |
| Swiggy Instamart | contesting | Instamart is both a customer and a potential future in-house sourcing competitor to Ninjacart |
| WayCool Foods | gaining on | WayCool reportedly wound down certain operations per a 2026 tracker, though not fully corroborated |
Questions people ask
- Is Ninjacart profitable in 2026?
- Ninjacart claims it reached EBITDA profitability by mid-2026, announced July 1, 2026, alongside a $6M funding tranche. However, audited FY26 financials have not been publicly disclosed, and this claim is company-stated, not independently verified. FY25 showed a ₹256 crore loss on ₹1,634 crore revenue.
- Did Ninjacart's revenue grow or shrink in FY25?
- Ninjacart's revenue fell 18.5% year over year in FY25, dropping to ₹1,634 crore from FY24's ₹2,003-2,081 crore, according to Economic Times reporting dated July 2, 2026. Management attributes the decline to a shift away from low-margin trading volume toward higher-margin services.
- Who are Ninjacart's biggest competitors?
- Ninjacart's closest rivals are DeHaat, which reported larger FY25 revenue of over ₹3,000 crore with a ₹369 crore net profit per Entrackr on January 28, 2026, plus WayCool Foods, Bijak, FarMart, Arya.ag and AgroStar. Its downstream customers Blinkit, Zepto and Swiggy Instamart could also become competitors.
- Could AI replace Ninjacart?
- Not directly. Ninjacart already uses AI internally for produce quality grading, wastage prediction and dynamic pricing per its own 2024 statements, but its core value is physical: moving roughly 1,500 tonnes of produce daily through relationships with about 150,000 farmers, which AI models cannot substitute for.
- Who owns Ninjacart?
- Ninjacart is privately held and venture-backed, with investors including Flipkart, Walmart, Accel, Tiger Global, Syngenta Group Ventures, Steadview Capital, Nandan Nilekani and STIC Investments, per Economic Times reporting on July 2, 2026. It is not publicly listed but has stated IPO plans within about two years.
- Is Ninjacart planning an IPO?
- Yes, Ninjacart announced on July 1, 2026 that it is preparing for a public listing within roughly two years, alongside claims of EBITDA profitability, per Entrackr. No FY26 audited financials or IPO filing have been disclosed publicly yet.
Timeline
- 2026-07-02Economic Times reports FY25 revenue fell 18.5% YoY to ₹1,634 crore, loss ₹256 crore
- 2026-07-01Ninjacart raises $6M tranche, claims EBITDA profitability, announces IPO plans within ~2 years
- 2026-01-28Entrackr reports Indian agritech sector at funding inflection point, DeHaat profitable
- 2025-08Reported layoff of approximately 60 employees, per TrueUp
- 2024-10-29Ninjacart reports FY24 revenue of ₹2,003-2,081 crore, up 71-74% YoY, loss ₹260 crore
- 2023-11Ninjacart leases ~1,037 flexible office seats from IndiQube in Bengaluru
- 2022-05STIC Investments round of ~$9M sets valuation near $812-815M
- 2021-12Walmart and Flipkart invest $145M in Ninjacart
- 2015Ninjacart founded by Thirukumaran Nagarajan, Kartheeswaran K.K. and others in Bengaluru
Revision history
30 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Entrackr (2024-10-29)
- Economic Times (2026-07-02)
- Economic Times (2024-10-29)
- Inc42 (2026-07-02)
- Entrackr (2026-07-01)
- The Signal (Pivotal Research) (2026-07-05)
- TrueUp
- Entrackr (2026-01-28)
- Clay (2025-03-24)
- Lapaas Voice (2026-07-23)