Ninjacart raises $6 Mn, prepares for IPO within two years

Agritech startup Ninjacart has raised $6 million in the initial phase of a larger funding round, backed by existing investors Accel and Tiger Global, along with Infosys cofounder Nandan Nilekani. While the total size of the funding round remains undisclosed, the company anticipates further investment as the round progresses.

The funding is part of Ninjacart's preparation for a planned IPO within the next two years. The company stated that it has achieved EBITDA profitability and has begun the necessary processes for a public listing. CEO Kartheeswaran KK had previously indicated the goal of reaching profitability by FY26.

"In the last few years, profitability has been our biggest focus, while growing steadily. First, we improved our margins through the right category & channel mix and by going backwards on the sourcing side. Second, we leveraged technology and data to minimise wastage and reduce supply chain costs," said Kartheeswaran.

These operational enhancements reportedly led to a threefold growth in Ninjacart's core business over the past year. The company has not yet disclosed specific financial figures for its revenue or profit for FY26. Founded in 2015, Ninjacart operates a full-stack supply chain for fresh produce, positioning itself as a key supplier for quick commerce platforms.

Ninjacart claims to be India's largest fresh produce supplier for the quick commerce sector, moving over 1,500 tonnes of produce daily across more than 40 cities. The startup partners with over 150,000 farmers, 30,000 retailers, and 5,000 resellers.