SUMMARY
- Ninjacart saw an increase of 74% in its revenue in FY24, reaching Rs 2,002.7 crore.
- The company also managed to reduce its losses by 20%, reporting a net loss of Rs 259.6 crore.
- The surge in revenue was fueled by a broadening range of products and initiatives focusing efficiency.
Bengaluru-based agritech Ninjacart saw an increase of 74% in its revenue in FY24, reaching Rs 2,002.7 crore from Rs 1,153.4 crore in FY23. This surge in revenue was fueled by a broadening range of products and initiatives focused on efficiency.
The company also managed to reduce its losses by 20%, reporting a net loss of Rs 259.6 crore, down from Rs 326.3 crore in FY23, as detailed in a press release.
Ninjacart, which provides solutions for commerce, finance, and fulfillment within the agricultural sector, credits this decrease in losses to a strategic approach aimed at reducing operational expenses and increasing sales volume in its quest for profitability.
The firm has effectively reduced waste through the use of AI for quality control, predictive pricing, and real-time quality checks in its fulfillment business.
This strategy has enabled Ninjacart to adjust its supply chain costs to meet market demands, achieving profitability in major urban areas, as mentioned in a statement.
The introduction of high-end fruits and vegetables has emerged as a major source of income, diversifying the company’s product range and supporting higher profit margins.
This high-end segment has allowed Ninjacart to penetrate new markets and attract a broader customer base. In smaller cities, Ninjacart has strengthened its relationships with local traders and retailers, offering tailored marketplace solutions to help these smaller businesses stay competitive.
Kartheeswaran KK, Co-founder and CEO, Ninjacart said, “We are thrilled to report these positive numbers, which reflect our unwavering commitment to transforming the agricultural ecosystem in India.”
“Our continued investment in technology and partnerships is enabling us to provide high-quality produce while simultaneously empowering farmers, traders, retailers and local economies,” he added.
