Agtech firm Ninjacart that started off as a fresh produce supply chain company has now transformed itself as an online market place connecting farmers, traders, retailers, exporters and importers of farm produce on its trading platform.
Farmers can now list their produce on Ninjacart platform, where traders can buy even from farthest locations. Similarly, exporters can reach out to the overseas market and importers can enhance their market reach using the Ninjacart platform, which also facilitates credit linkages to certified traders across the country in partnership with a fintech firm.
“To make the supply-chain led fulfilment model work better, we felt that co-creation was a better strategy and started working with the existing eco-system,” said Kartheeswaran KK , co-founder and CEO of Ninjacart. As a result, the company has developed its technology platform, expanded the number of agri commodities traded on its platform, which now includes the non-perishables such as foodgrains and even sugar.
Ninjacart has expanded its reach to top 70 cities connecting growers of farm produce from across the country to traders in these consuming centres and will be targetting the Tier-II and -III cities and towns going forward. “By FY25, we aim to expand into 200 cities,” Kartheeswaran said adding that the company was targeting to expand its reach to 30 million farmers by FY2030.
The Bengaluru-headquartered agritech firm, which clocked revenues of ₹1,212.50 crore in FY23, is eyeing a Gross Merchandise Value (GMV) of ₹4,000 crore this fiscal. The company, which still continues to be in an investment mode, is eyeing a breakeven by FY26.
Kartheeswaran said about 50 per cent of Ninjacart’s businesses are profitable and as a result the company has started reducing its cash burn. “Last year, we used to burn around ₹24 crore a month, which has now reduced to ₹20 crore and by the end of the year, it will go down to ₹16 crore a month. We are well on track and are targeting a PAT breakeven by FY26,” he said.
So far, Ninjacart has raised about $377 million in about four rounds and investors include global retail giant Walmart, Flipkart, Accel Partners, Tiger Global, Nandan Nilekani and Syngenta Group Venture. The company is leveraging its relationship with investors like Walmart in its export-import operations, while powering Flipkart’s fruit and vegetables business, Kartheeswaran said.
Last month, Ninjacart announced a transformative partnership with Arado, an agribusiness market place in Brazil to deploy its technology platform, supply chain management solutions and advisory services to the Brazilian market. Also, the company is eyeing similar arrangements with players in other geographies.