Ninjacart raises $6 Mn, claims EBITDA profitability as it eyes IPO in two years

The Bengaluru-based fresh produce supply chain startup secured $6M from existing backers including Accel, Tiger Global and Walmart. Revenue fell to Rs 1,634 cr in FY25 from Rs 2,007 cr, with losses of Rs 256 cr. It supplies quick commerce, modern trade and HoReCa across 40+ cities.

— Source publishedThu, 2 Jul, 2026, 19:23 IST·First seen Thu, 2 Jul, 2026, 19:27 IST·Source Entrackr · Newsletter

What happened

Fresh produce supply chain startup Ninjacart raised $6M from existing backers, claims EBITDA profitability, and is preparing for an IPO within two years. It

Key facts

  • $6 Mn raised
  • $145 Mn prior raise (Dec 2021)
  • $815 Mn prior valuation
  • 40+ cities
  • 150+ products
  • revenue Rs 1,634 cr FY25 (down from Rs 2,007 cr FY24)
  • loss Rs 256 cr FY25
  • IPO in 2 years

Why this matters

Walmart's continued backing amid Ninjacart's consolidation and IPO ambitions keeps it a strategic fresh-produce supply chain asset worth monitoring for partnership or M&A optionality across 40+ cities.

What to watch

  • FY26 revenue trajectory — stabilization vs continued double-digit decline
  • Concentration of revenue from quick-commerce clients and any client churn
  • Walmart's stance — deeper integration vs stake dilution
  • DRHP filing timing and disclosed unit economics
  • Competitor moves (DeHaat, WayCool, Otipy) on margins and funding
  • Ninjacart doubles down on higher-margin categories (HoReCa, private label, value-added produce) and exits pure-play commodity trading
  • Push for tighter working-capital cycles and asset-light sourcing to sustain EBITDA claims
  • Investor communications framing FY25 decline as intentional cleanup ahead of DRHP filing
  • Possible larger primary round or strategic anchor investment before formal IPO process

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