B2B agritech Ninjacart has raised $6 million in the first tranche of a larger pre-IPO fundraise, marking a fresh bet on its full-stack fresh produce supply chain. The round was led by existing investors Accel, Tiger Global and Infosys co-founder Nandan Nilekani, with more backers expected to join the ongoing round .
IPO clock is ticking
The startup says the funding is being deployed to strengthen operations ahead of a planned public listing within two years. It claims to be EBITDA profitable now and has started lining up the groundwork for a listing, though it has not disclosed the target IPO size, timeline or the overall pre-IPO raise it is aiming for .
That narrative echoes a promise made more than three years ago: co-founder and CEO Kartheeswaran KK had previously said Ninjacart would turn profitable in FY26. The company now says profitability has been its “biggest focus” while it grew steadily, and points to operational tweaks as the key driver .
How it turned the margin story
Ninjacart credits three levers for its improved unit economics:
Optimising category and channel mix to lift margins
Moving closer to sourcing to reduce supply chain costs
Using technology and data to cut wastage and logistics spend
These changes, the company says, helped deliver a 3x growth in its core business over the past year, even though it has not shared exact revenue or profit numbers for FY26 .
From B2C to B2B, then to quick commerce
Founded in 2015 by Kartheeswaran, Thirukumaran Nagarajan, Sharath Loganathan, Sachin Jose and Vasudevan Chinnathambi, Ninjacart started as a B2C fresh produce platform before pivoting to a B2B model . Today, it operates what it calls a full-stack supply chain for fresh produce and positions itself as a strategic vendor to quick commerce platforms, claiming to be the largest fresh produce supplier in that sector.
The startup says it moves over 1,500 tonnes of fresh produce daily across more than 40 Indian cities, and has partnered with over 150,000 farmers, 30,000 retailers and 5,000 resellers .
The financial backstory
The IPO push comes against a backdrop of recent losses. In FY25, Ninjacart reported a net loss of ₹256 crore while its operating revenue fell around 18.5% year-on-year to ₹1,634 crore . The company has not yet explained how it reconciles that FY25 performance with its current EBITDA profitability claim and FY26 prosperity narrative.
Business Headline has sought details on the IPO size, timeline, financial metrics and the scale of the pre-IPO fundraise. The story will be updated as the startup responds.
