Losses during the period rose to Rs 326.4 crore from Rs 307.9 crore a year ago. The Tiger Global and Flipkart-backed company expects to post a net profit by the end of fiscal 2026.
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The topmost cost heads at the firm during the year were purchases of stock in trade and employee-related expenses. The former went up 18.5% to Rs 1,085.6 crore while the latter grew 51.6% to Rs 246.8 crore.
In November, Ninjacart consolidated its operations into a bigger campus by leasing 1,037 seats from flexible office space operator Indiqube, in line with its profitability goals.
Ninjacart aims to post a revenue of more than Rs 2,500 crore in FY24, cofounder and CEO Kartheeswaran KK had told ET in October.
The agritech startup had a gross merchandise value of about Rs 1,600 crore in FY23, with 60-70% attributed to fulfillment business and 30% to new offerings.
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New verticals at the company include commerce and fintech services that support agricultural value chain-linked stakeholders such as farmers, traders, retailers, importers and exporters.The company, which employs about 1,300 people and operates in 70 locations, plans to expand to 200 cities and towns over 2024.
“We realised it makes sense to expand our offerings to stakeholders across the value chain, for example farm aggregators, traders, and larger wholesalers. Earlier we used to bypass them, but now we have started co-creating along with them,” Kartheeswaran had told ET.
The Bengaluru-based startup was initially established as a fresh produce supply chain entity. Over the years, it has evolved into an online marketplace linking farmers, traders, retailers, exporters and importers on a trading platform.
Founded in 2015, Ninjacart has raised $377 million from investors such as Tiger Global Management, Accel, Flipkart, Walmart and Infosys co-founder Nandan Nilekani. In its latest funding round, it secured about $145 million from Flipkart and Walmart, reaching a valuation of $815 million in December 2021.