It reduced its net loss by 20% to Rs 259.6 crore, compared to Rs 326.3 crore in 2022-23.
The company, focused on agriculture and fresh supply, said that it minimised wastage in its fulfilment business by leveraging artificial intelligence for quality assessment, prediction and pricing, which contributed to business growth.
Besides, its proprietary supply chain technology enabled end-to-end traceability allowed the company to variabilise supply chain costs and drive profitability in key cities, it said.
Further, the introduction of premium fruits and vegetables contributed significantly to its overall volume mix, boosting gross margins and enabling it to enter new channels and customer segments, it said.
In tier-2 and tier-3 cities, Ninjacart collaborates with traders and retailers, offering tailored marketplace solutions.
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“We are thrilled to report these positive numbers, which reflects our unwavering commitment to transforming the agricultural ecosystem in India,” said Kartheeswaran KK, cofounder 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.”In November 2023, ET reported that Ninjacart had leased 1,037 seats from flexible office space provider IndiQube in Bengaluru to expand and consolidate operations, as the company was focusing on profitability.
Founded in 2015, the company has raised $508 million from investors such as Tiger Global Management, Accel, Flipkart, Walmart, Syngenta Ventures and Infosys cofounder Nandan Nilekani, as per Tracxn data.
The company last raised $9.2 million from STIC Investments, valuing it at $756 million as of May 2022.
In October 2023, Kartheeswaran said that Ninjacart had expanded its business over the past year, providing a platform for farmers and traders to access financial services, while its legacy fulfilment business remained the primary revenue driver.
India’s B2B e-commerce sector is shifting towards profitability and greater support for regional brands amid the quick commerce surge in the country. On Monday, ElasticRun, another B2B e-commerce platform, reported a 42% reduction in net losses to Rs 359.6 crore in 2023-24.
Also Read: Ninjacart expands operations to offer marketplace for farmers and traders