Ninjacart, a Bengaluru-based fresh-produce supply chain startup backed by Flipkart, has raised US$6 million from existing investors Accel, Nandan Nilekani, and Tiger Global in the first tranche of a larger round.

The company said it was preparing for an initial public offering over the next two years.

Ninjacart said it was EBITDA profitable, but did not disclose its valuation or the target size of the full round.

Ninjacart last raised US$9 million in 2022 from STIC and Mainstream Digital at a reported US$812 million valuation, after a US$145 million investment from Walmart and Flipkart in 2021.

Ninjacart reported FY25 revenue of 16.3 billion rupees (US$172 million), down from 20.1 billion rupees (US$211 million) a year earlier, while losses were largely flat at 2.6 billion rupees (US$26.9 million) vs. 2.6 billion rupees (US$27.3 million) in FY24.

The startup supplies fruits and vegetables to quick-commerce platforms, modern trade chains, kirana stores, restaurants, and exporters.

It also helps retailers, kirana stores, and restaurants buy directly from farmers and has previously worked with Flipkart on grocery delivery.

🔗 Source: The Economic Times

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