Ninjacart Revenue, Valuation, Funding & Investors
Ninjacart is valued at $20M as of May 2022.
Last Ninjacart valuation
$20M
Series D · May 2022
Last Ninjacart funding round
$6M
Undisclosed stage · Jul 2026
Ninjacart revenue
$154M
Series D · Dec 2021
Key investors in Ninjacart
Accel
Qualcomm Ventures
Mistletoe
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NRJN TrustTiger Global
Flipkart
About Ninjacart
Ninjacart is a Bengaluru-headquartered B2B agritech platform founded in 2015. It links farmers directly to retailers and restaurants for daily supply of fruits and vegetables across 100+ Indian cities, operating cold chain logistics and tech-enabled procurement hubs.
Founded
2015
HQ
BangaloreWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Commission
Revenue
$154M (Dec 2021)
Valuation
$20M (May 2022)
Ninjacart Valuation
Ninjacart is currently valued at $20M, based on its Series D in May 2022.
The $9M round was led by STIC Investments, with participation from Avaana Capital and Mainstreet Investment.
Ninjacart's valuation has moved from $30M at its Series A in July 2018 to $20M in May 2022, across 8 priced rounds.
Ninjacart valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2022 | Series D | $20M | - |
| Dec 2021 | Series D | $770M | 5.0x |
| May 2021 | Undisclosed stage | $502M | 2.9x |
| Dec 2019 | Series C | $500M | - |
| Jun 2019 | Series C | $321M | - |
| Apr 2019 | Series C | $321M | - |
| Dec 2018 | Series B | $325M | - |
| Jul 2018 | Series A | $30M | - |
Ninjacart Revenue
Ninjacart's latest recorded revenue is $154M, as of its Series D in December 2021. At a $770M valuation, that implies a 5.0x revenue multiple.
Revenue moved from $175M in May 2021 to $154M in December 2021, while the revenue multiple moved from 2.9x to 5.0x.
Ninjacart revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2021 | $154M | $770M | 5.0x | Series D |
| May 2021 | $175M | $502M | 2.9x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Ninjacart Funding History
Ninjacart has raised a total of $359M across 13 funding rounds.
Ninjacart's first fundraising round was a $3M Series A in March 2016. The most recent completed round was a $6M undisclosed-stage round in July 2026.
Ninjacart funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2026 | Undisclosed stage | Accel (lead); Nandan Nilekani (lead); Tiger Global (lead) | $6M | - | Ninjacart, a Bengaluru-based B2B agritech startup focused on fresh produce supply chain, raised $6 million in the first tranche of a multi-tranche funding round led by existing investors Accel, Tiger Global, and Infosys co-founder Nandan Nilekani. The round marks the company's first financing since December 2021, when it secured $145 million from Walmart and Flipkart at an $815 million valuation, and follows a $9 million raise in 2022 at an $812 million valuation. Ninjacart did not disclose the total size of the planned round or the valuation of this tranche, but confirmed preparations for an IPO within the next two years. The startup, backed by major investors including Walmart, Flipkart, Syngenta Group Ventures, and Steadview Capital, has achieved EBITDA profitability and is gearing up for public listing as it expands its operational scale in India's agritech sector. The strategic rationale for this funding includes strengthening capital reserves ahead of its IPO, continuing growth in the B2B fresh produce market, and leveraging its existing investor base's support during a prolonged funding gap. The modest $6 million tranche, while small relative to prior rounds, signals renewed investor confidence after more than four years without new capital. Ninjacart's focus on EBITDA profitability and its established network of 25 investors underscore its operational maturity and readiness for public markets. Ninjacart operates as a fresh produce supply chain platform connecting farmers with retailers and businesses across India, managing logistics, quality control, and distribution. The company has navigated 15 funding rounds, accumulating approximately $333.68 million in total capital, with a current valuation of around $815 million. Its investor roster includes prominent names such as Walmart, Flipkart, Accel, Tiger Global, and Nandan Nilekani, reflecting strong backing from both global and Indian tech and agritech leaders. The startup is now initiating IPO preparations while expanding its operational footprint in the agritech ecosystem. |
| May 2022 | Series D | STIC Investments (lead); Avaana Capital; Mainstreet Investment | $9M | $20M | Ninjacart is a Bengaluru-based fresh fruits and vegetables supply chain startup founded in 2015 that procures produce directly from farmers and supplies to retailers, hotels, restaurants, and apartment complexes in seven cities including Bengaluru, Chennai, Hyderabad, Pune, Delhi, and Mumbai. The company raised $9 million (Rs 69 crore) in a Series D funding round on May 18, 2022, from South Korea-based STIC Investment and UK-based Mainstreet Digital Life IV Pte Ltd, with STIC as an existing investor, at a post-money valuation of $812 million (Rs 1,050 crore). This funding followed a $145 million investment from Walmart-backed Flipkart in December 2021 and preceded Ninjacart's $25 million commitment to invest in other agritech startups announced on March 4, 2022, and its acquisition of SaaS company Tecxprt on March 10, 2022. In January 2022, Ninjacart conducted an employee stock option buyback worth Rs 100 crore. |
| Dec 2021 | Series D | Flipkart (lead); Walmart (lead); HR Capital JSC-Sofia; Qualcomm Ventures; Mistletoe; Neoplux; NRJN Trust; Accel | $145M | $770M | Ninjacart is an Indian agritech startup founded in 2015 that operates a B2B supply chain platform connecting farmers directly to retailers, kirana stores, and supermarkets with staples, fruits, vegetables, and groceries. The company sources produce from farmers and handles logistics, transportation, distribution, and secondary packing to enable efficient delivery. On December 13, 2021, Ninjacart raised $145 million in a Series D funding round led by Flipkart and Walmart, with participation from Accel, Qualcomm Ventures, Mistletoe, NRJN Family Trust, HR Capital, and Shinhan Venture Investment. The post-money valuation reached $770 million, reflecting a 5.0x revenue multiple on $126 million revenue. Inc42 reported the round valued the startup between $700 million and $800 million. For context near the round, Ninjacart's FY21 (April 2020-March 2021) revenue from operations grew 60% year-over-year to INR 747.6 crore (approximately $100 million), though net loss nearly doubled to INR 1,021 crore amid 71% expense growth to INR 1,790.4 crore, driven by transportation and stock purchases. The snapshot lists $126 million revenue, likely a run-rate or estimated figure for late 2021. Ninjacart has raised significant prior capital, including $197 million in October 2020 at $461 million valuation and earlier rounds from Tiger Global, STIC Investments, and others, totaling over $350 million by early 2022. A follow-on Series D round of $9.2 million occurred in May 2022 at $756 million valuation. The company works with thousands of farmers and aims for high daily volumes in the competitive Indian agritech market. |
| May 2021 | Undisclosed stage | Syngenta Ventures (lead) | $10M | $502M | Ninjacart is a fresh produce supply chain startup that enables retailers and restaurants to source produce directly from farmers at competitive prices and delivers within 12 hours. It operates over 200 collection centers and 1,200 warehouses across seven cities including Bengaluru, Chennai, Hyderabad, Delhi, Gurugram, Mumbai, and Pune, moving over 1,400 tons of fresh produce daily. The company powers Flipkart's fresh farm vertical, Flipkart Quick. In May 2021, Ninjacart raised $9.5 million (Rs 70 crore) from existing investor Syngenta Ventures through the allotment of 1,746 preference shares at Rs 400,848 each, reaching a post-money valuation of $502 million (Rs 3,715 crore). This tranche appeared ongoing with potential for more funds. Post-investment, Syngenta held 5.2% stake, Tiger Global 22.9%, and Accel Partners 17.7%. Previously, Ninjacart raised $90 million in Series C at $320 million valuation in April 2019 and $35 million Series B in December 2018. Ninjacart competes with Waycool and Vegrow in the fresh produce supply chain space. |
| Oct 2020 | Strategic investment | Flipkart (lead); Walmart (lead) | $30M | - | Ninjacart is a Bengaluru-based agritech platform that connects farmers directly to retailers, focusing on fresh produce supply chain to address inefficiencies in pricing, distribution, and delivery. It facilitates the delivery of agricultural produce from over 100,000 farmers across 150 villages to businesses within 12 hours, handling nearly 1,400 tonnes daily. The company invests in technology platforms and supply chain infrastructure to empower farmers, resellers, retailers, and consumers. In October 2020, Ninjacart raised $30 million in a corporate round led by Flipkart and Walmart, building on prior investments including a $10 million round from Flipkart in December 2019. The funds supported market expansion, new offerings for emerging customer segments, and enhancements to supply chain technology for efficiency and profitability. This round followed earlier funding like $90 million in April 2019 led by Tiger Global and investments from Syngenta, Qualcomm, and others, with total capital raised exceeding $333 million by later stages. Ninjacart collaborates closely with Flipkart on grocery initiatives like Supermart and Flipkart Quick, aiming to scale to 200 cities by 2022. Subsequent developments included a $145 million extended Series D in December 2021 from Flipkart and Walmart at approximately $800 million valuation, followed by a $9 million raise in 2022 at $812 million valuation. |
| Dec 2019 | Series C | Flipkart (lead); Syngenta Ventures; Minu Kataria; Walmart | $10M | $500M | Ninjacart is a Bengaluru-based B2B agritech platform connecting farmers directly to retailers with fresh produce supply chain technology. It operates a network of over 200 collection centers and 1,200 warehouses, ensuring high-quality fresh produce access while supporting farmers and retailers. The company powers Flipkart's fresh farm vertical, Flipkart Quick. In December 2019, Ninjacart raised $10 million led by Flipkart, with participation from Walmart, at a post-money valuation of $500 million. This followed a $90 million Series C round from Tiger Global in April 2019 at $320 million valuation and a $50 million investment from Walmart in August 2019. Other investors include Accel, Qualcomm Ventures, Nandan Nilekani, and Steadview Capital. The investment strengthened Flipkart's grocery offerings amid competition from JioMart, Amazon Fresh, and BigBasket. Ninjacart aimed to enhance farmer incomes, having supported over 100,000 farmers across 150 villages by improving revenue generation. |
| Jul 2019 | Series C | - | $400K | - | - |
| Jun 2019 | Series C | Steadview Capital; ABG Capital; Trifecta Capital Advisors; Tiger Global; Clark Valberg; Tanglin Venture Partners | $10M | $321M | - |
| Apr 2019 | Series C | Tiger Global (lead) | $90M | $321M | Ninjacart, operating as 63Ideas Infolabs Pvt. Ltd., is a Bengaluru-based B2B agritech platform connecting farmers directly to retailers, disrupting India's traditional fresh produce supply chain through over 100 collection centers, technology-enabled transparency, and single-touch delivery. The company sources fruits and vegetables from farmers across multiple states, serving retailers in cities like Bengaluru, Chennai, Hyderabad, Mumbai, Delhi NCR, Ahmedabad, and Pune, while claiming to boost farmer incomes by up to 20% and improve food security. In April 2019, Ninjacart raised approximately $90 million (Rs 625 crore) in a Series C round from Tiger Global Management via its Singapore arm Internet Fund V, issuing 20,442 Series C compulsorily convertible preference shares at INR 3,04,142.78 each plus 100 equity shares. Tiger Global acquired a 26.47-26.5% stake, valuing the company at around $320-321 million (Rs 2,232-2,240 crore) per TechCircle, Inc42, and other reports, up from ~$89.5 million post-Series B. This marked Tiger Global's largest initial investment in an Indian startup and the biggest farmtech deal in India at the time, bringing total funding to nearly $140-150 million. Prior rounds included a $35 million (INR 250 crore) Series B in December 2018 led by Accel with Syngenta Ventures, Neoplux, others; $4.9 million Series A in July/August 2018 from Accel, NRJN Trust (Nandan Nilekani), Mistletoe, Qualcomm Ventures, M&S Partners; and earlier seed/debt from Trifecta Capital and Tanglin Venture Partners. Backers also encompass Qualcomm Ventures and HR Capital. Proceeds from the Tiger Global round were earmarked for geographical expansion into new markets like Ahmedabad, Lucknow, Kanpur, Surat, Baroda, and Nagpur; strengthening product/technology teams; enhancing supply chain infrastructure; and scaling to 12 million+ retailers/restaurants with new categories. At the time, Ninjacart handled 500 tonnes daily, worked with over 12,000 farmers, and aimed for 10 new cities and 200 distribution centers. The investment highlighted Ninjacart's potential as a category-defining player akin to Flipkart or Swiggy in B2B agri-commerce, per Accel partner Subrata Mitra, amid Tiger Global's active 2018-2019 India bets including Ola, Delhivery, and Hike. |
| Dec 2018 | Series B | Accel (lead); Syngenta Ventures (lead); Qualcomm Ventures; Mistletoe; Neoplux; NRJN Trust; Trifecta Capital; Joe Hirao | $35M | $325M | Ninjacart is a Bengaluru-based B2B agritech platform that connects farmers directly with retailers, kirana stores, and supermarkets, sourcing fresh produce like fruits, vegetables, and groceries to streamline the supply chain and eliminate middlemen. Founded in 2015 as 63Ideas Infolabs Pvt. Ltd, it operates primarily in South India, starting in cities like Bengaluru, Hyderabad, and Chennai, with over 3,000 farmers in its network as of late 2018. The company generates revenue through commissions on transactions in its marketplace model, focusing on technology-driven logistics, supply chain infrastructure, and expansion to new geographies. On December 12, 2018, Ninjacart raised approximately $35 million (Rs 250 crore) in its Series B funding round, led by Accel and Syngenta Ventures, with participation from investors including Joe Hirao, Mistletoe, Neoplux, NRJN Trust, Qualcomm Ventures, and Trifecta Capital. This brought the company's total funding to about $43 million (Rs 310 crore) at that point. The post-money valuation for this round was $325 million. Funds were allocated to expand into over 10 cities, establish more than 200 distribution centers, hire talent, and enhance product, technology, and supply chain capabilities. This Series B followed a July 2018 round of around $4.9 million co-led by Accel and NRJN Trust, and an earlier April 2017 raise of $5.5 million from Accel, NRJN Trust, Mistletoe, Qualcomm Ventures, and others. Ninjacart aimed to scale daily volumes significantly, targeting 1,000 tonnes within 18 months from 2019. |
| Jul 2018 | Series A | Accel (lead); NRJN Trust (lead); Qualcomm Ventures; Mistletoe | $5M | $30M | Ninjacart, a Bengaluru-based B2B agritech platform, raised approximately $4.9 million (Rs 33.70 crore) in a funding round around July 2018 co-led by Accel Partners and Nandan Nilekani’s NRJN Trust, with participation from Mistletoe. The post-money valuation reached roughly $30-33 million, marking a nearly 67% increase from the prior round's $19.4 million valuation in April 2017. This infusion built on the earlier Rs 37 crore ($5.5 million) raise from Accel Partners, NRJN Trust, Mistletoe, Qualcomm Ventures, and M&S Partners. The company operates as a full-stack supply chain platform connecting farmers directly to kirana stores, supermarkets, and other retailers with fresh produce, staples, and FMCG goods. At the time, Ninjacart sourced from over 3,000 farmers and functioned in Bengaluru, Hyderabad, and Chennai. The funds supported ongoing expansion and scaling efforts ahead of the subsequent Series B round in December 2018. |
| Apr 2017 | Series A | Accel (lead); M&S Partners; Qualcomm Ventures; Mistletoe; NRJN Trust | $6M | - | Ninjacart is a Bengaluru-based B2B agrimarketing platform connecting farmers to retailers and restaurants. It sources produce from over 1,000 farmers, handling 80+ vegetables and fruits daily to 500+ customers in Bengaluru at the time of the funding. The company moved 60+ tons of produce per day from farm to store in under 14 hours at lower costs than traditional supply chains, targeting 2,000+ businesses with a cash-and-carry model. In April 2017, Ninjacart raised Rs 37 Cr ($5.5 million) in a Series A round led by Accel Partners with participation from Nandan Nilekani’s NRJN Trust, Mistletoe, Qualcomm Ventures, and M&S Partners. Funds were allocated to expand the team and invest in supply chain automation, technology, and data science. The startup had previously raised $3M in March 2016 led by Accel. Ninjacart operated with over 170 employees, focusing on cost-efficient, scalable operations handling 300+ tonnes daily capacity. It pivoted from on-demand grocery delivery to end-to-end B2B agri-marketing. |
| Mar 2016 | Series A | Accel (lead); M&S Partners; Qualcomm Ventures; ZopSmart; Shinhan Venture Investment | $3M | - | - |
Who has invested in Ninjacart?
25 investors have backed Ninjacart across its funding rounds, including Accel, Qualcomm Ventures, Mistletoe, NRJN Trust, Tiger Global and Flipkart.
Lead investors include Accel, Nandan Nilekani, Tiger Global, STIC Investments, Flipkart and 3 other investors.
Ninjacart Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Palo Alto, CA | 6 | Lead | Mar 2016 | |
| San Diego, CA | 5 | Participant | Mar 2016 | |
 Tokyo | 4 | Participant | Apr 2017 | |
| NRJN Trust | Bangalore | 4 | Lead | Apr 2017 |
 Basel | 3 | Lead | Dec 2018 | |
| New York City, NY | 3 | Lead | Apr 2019 | |
| Bentonville, AR | 3 | Lead | Dec 2019 | |
| Bangalore | 3 | Lead | Dec 2019 | |
| M&S Partners |  Calebasses | 2 | Participant | Mar 2016 |
 Seoul | 2 | Participant | Dec 2018 | |
 Sofia | 1 | Participant | Dec 2021 | |
| Seoul | 1 | Lead | May 2022 | |
 London | 1 | Participant | Jun 2019 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Ninjacart
Ninjacart has acquired 1 company to date.
Last acquisition by Ninjacart was on March 10th 2022. Ninjacart acquired Tecxprt for undisclosed valuation.
Latest Acquisitions by Ninjacart
| Description | Tecxprt is an India-based business suite digitizing ERP, CRM, and HR processes. Headquartered in Mumbai, the platform serves 1,000+ SMEs with modules for inventory and payroll, deployable on-premise or cloud. Tecxprt features GST compliance and mobile approvals. |
| HQ Country | |
| HQ City | Bangalore |
| Deal Date | 10 Mar 2022 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Ninjacart acquisitions and their M&A valuation multiples. Start Free Trial | |
Investments by Ninjacart
Ninjacart has invested in 1 company to date.
Latest investment by Ninjacart was on May 13th 2022. Ninjacart invested in Fyllo in their $2M Seed round.
Latest Investments by Ninjacart
| Description | Fyllo is a Bengaluru-headquartered agritech firm that deploys IoT sensors and AI algorithms to deliver real-time crop insights for yield optimization. Its platform provides precise irrigation schedules, fertilization recommendations, disease detection, pest alerts, and localized weather forecasts to farmers in India and beyond. The company equips over 100,000 acres with monitoring devices that reduce water usage by up to 30 percent and boost productivity through data-driven decisions. Fyllo partners with agribusinesses like ITC and government initiatives to scale operations across 20 Indian states. |
| HQ Country | |
| HQ City | Bangalore |
| Deal Date | 13 May 2022 |
| Round | Seed |
| Raised | $2M |
| Investors | IAN Group; Singularity Ventures; KiaOra Ventures; MasterMind Capital; StarAgri; Triveni Trust; Venture Catalysts |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Ninjacart investments and their VC round multiples. Start Free Trial | |
Ninjacart Competitors
Ninjacart competitors include listed companies like Meatbox Global and Dataworks Group, and private ones like DCX, Hopskip, Stork and Horton Point.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Singapore | Private | - | - | $18M | - | |
| Philadelphia, PA | Private | $1M | - | $20M | 20.0x | |
| New York City, NY | Private | - | - | $20M | - | |
| New York City, NY | Private | - | - | $20M | - | |
| South Korea | Publicly listed | $99M | $5M | $34M | - | |
 Australia | Publicly listed | $5M | ($6M) | $10M | - |
Ninjacart Public Comps
Ninjacart is still privately-owned, but its public comps include Camplify, Creatd, naoo, Giftify, Rebase, AirCloset, DSM Fresh Foods, eHealth, ASMALLWORLD and Dataworks Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $30M | ($11M) | 0.4x | 0.4x | (1.2x) | 18.5x | |||
| $3M | ($8M) | 5.6x | - | (2.3x) | - | |||
| $7M | $2M | 3.3x | 1.7x | 12.8x | (6.9x) | |||
| $83M | ($7M) | 0.3x | 0.3x | (3.5x) | (52.8x) | |||
| $14M | $942K | 0.7x | 0.6x | 9.9x | - | |||
| $32M | $4M | 0.6x | 0.6x | 5.0x | - | |||
| $23M | $3M | 0.8x | - | 5.5x | - | |||
| $554M | $83M | 0.8x | 1.0x | 5.6x | 6.3x | |||
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Common questions about Ninjacart
| When was Ninjacart founded? | Ninjacart was founded in 2015. |
| Where is Ninjacart headquartered? | Ninjacart is headquartered in Bangalore, India. |
| Is Ninjacart publicly listed? | No, Ninjacart is a private, VC-backed company. |
| What is Ninjacart's valuation? | Ninjacart was last valued at $20M in its Series D in May 2022. |
| How much funding has Ninjacart raised? | Ninjacart has raised $359M across 13 funding rounds. |
| What was Ninjacart's last funding round? | Ninjacart's last funding round was a $6M undisclosed-stage round in July 2026, led by Accel, Nandan Nilekani and Tiger Global. |
| Who are Ninjacart's investors? | Ninjacart's investors include Accel, Qualcomm Ventures, Mistletoe, NRJN Trust, Syngenta Ventures, Tiger Global, Walmart, Flipkart, M&S Partners, Neoplux and 15 others. |
| What is Ninjacart's revenue? | Ninjacart's latest recorded revenue is $154M (December 2021). |
| What is Ninjacart's revenue multiple? | Ninjacart's latest valuation implies a 5.0x revenue multiple ($770M valuation on $154M of revenue). |
| Which companies are comparable to Ninjacart? | Companies comparable to Ninjacart include DCX, Hopskip, Stork, Horton Point, Meatbox Global and Dataworks Group. |
| How many companies has Ninjacart acquired? | Ninjacart has acquired 1 company, including Tecxprt. |
| How many companies has Ninjacart invested in? | Ninjacart has invested in 1 company, including Fyllo. |
| What was Ninjacart's last investment? | In May 2022, Ninjacart invested in Fyllo's $2M seed round alongside IAN Group, Singularity Ventures, KiaOra Ventures and 4 other investors. |
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