Walmart-backed startup pares costs, exits low-margin businesses, and bets on disciplined execution to reset its growth engine.

In a funding-constrained startup environment where scale without margins is no longer rewarded, Ninjacart is signaling a strategic reset. The Walmart-backed agritech company reported narrowed losses of Rs 256 crore in FY2025, marginally improved from Rs 260 crore the previous year, even as revenue declined sharply—underscoring a pivot from expansion-at-all-costs to operational discipline.

For the year ended March 2025, revenue fell to Rs 1,634 crore, down from Rs 2,007 crore in FY2024. But management says the contraction was deliberate. The company exited non-core and low-margin businesses, restructured cost-heavy operations, and refocused capital on segments with clearer unit economics.

The result: All core business verticals are now operationally profitable, according to the company, marking a significant milestone for an agritech firm operating at national scale.

At the centre of Ninjacart’s turnaround is its core fulfilment and supply-chain platform, which serves organised retailers and quick-commerce players. This segment is projected to double its growth rate in FY2026, driven by higher throughput, tighter logistics efficiency, and a more concentrated customer mix.

The company’s recalibration reflects a broader shift across Indian agritech, where investor scrutiny has moved from GMV growth to predictable margins, asset-light scalability, and capital efficiency.

Ninjacart is now targeting full profitability by FY2027, betting that a leaner operating model, fewer distractions, and stronger fundamentals will allow it to scale profitably—an outcome that has eluded much of the sector over the past decade.

While topline contraction may concern growth-focused investors, the company’s FY25 performance suggests that in agritech’s next phase, resilience may matter more than reach.