Accel, Nandan Nilekani, and Tiger Global anchor the first $6M of a multi-tranche investment, backing one of India’s first EBITDA-profitable full-stack fresh-produce businesses

Ninjacart, India’s only full-stack fresh produce company operating across every node of a $100 billion industry, said it has turned EBITDA-profitable and has begun preparations for a public listing over the next two years. The company just closed the first $6 million funding of a multi-tranche investment round. Existing investors Accel, Nandan Nilekani, and Tiger Global led the funding, and more existing investors are expected to join the round soon.

Fresh produce has always been the hardest part of retail to organise — perishable, unpredictable, and resistant to standard supply-chain economics. Over the last few years, Ninjacart has applied the discipline of an FMCG business to it: consistent quality, predictable supply, and unit costs that improve as volume grows.

“In the last few years, Profitability has been our biggest focus, while growing steadily. First, we improved our margins through the right category & channel mix and by going backwards on the sourcing side. Second, we leveraged technology and data to minimise wastage and reduce supply chain costs,” said Kartheeswaran KK, Co-founder and CEO, Ninjacart

As a leading multichannel platform, Ninjacart serves customers across quick commerce, modern trade, traditional retail, export-import, and the HoReCa segment. Today, it stands as the largest fresh produce supplier to India’s quick-commerce industry. With a footprint in over 40 cities, Ninjacart manages a diverse portfolio of 150+ products—leading the market share in categories all the way from onions, potatoes, and tomatoes to blueberries, avocados, and apples. The business transformation and channel expansion have helped the company clock 3X growth in its core businesses in the last year.

“Ninjacart has quietly become one of the most important companies in the quick commerce space, being a multi-city strategic supplier for several of the biggies. Very few businesses have shown their kind of discipline, turning a hard, operations-intensive model into a profitable one. With supply-side ownership, capital discipline and margin focus. We’re excited to back the team again” said Subrata Mitra, Partner at Accel

Ninjacart’s investors include Walmart, Flipkart, Accel, Tiger Global, Nandan Nilekani, Syngenta Group Ventures and Steadview Capital. The company believes this foundation, combined with its turn to profitability, puts it on a credible path to a public listing within the next two years.