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Ninjacart Case Study
Ninjacart Case Study

Ninjacart Case Study: Ninjacart is India’s biggest sparkling produce advertising platform with a furnish chain. It immediately built-in from farmers to bulk customers such as shops and restaurants. The agency required capital to make investments in key properties. Such as distribution and fulfillment centers . To assist it to scale its throughput up from one hundred lots a day in 2017.

We devised a novel fee-based shape for Ninjacart which helped them finance their capital expenditure efficiently. The availability of this deposit throughout a couple of tranches additionally gave similarly flexibility to draw down capital as and when required by using the business.

Further, as there used to be excessive sensitivity to fairness dilution from new investors, the shape allowed for a stand-alone savings answer which met the investor necessities as well. This was once in distinction to the standard hobby fee and fairness option-based undertaking debt model and used to be special at the time. Today, it has grown to be an enterprise standard.

This capital helped Ninjacart ramp up fulfillment 5x to 500+ heaps a day. Since then, the enterprise has been in a position to convey in numerous massive traders such as Walmart, Flipkart, and Syngenta, and continues to allow lots of farmers throughout India with higher fee realizations.

Startup Story Of Ninjacart:

Ninjacart startup started out working in 2015 as a hyperlocal grocery transport platform, and its essential intention was once to help shops take their stock online and deliver first-rate groceries to customers in much less than 60 minutes from ordering at scale. This was once nevertheless a novel thinking lower back then.

The Ninjacart pitch that should introduce to Accel was an intriguing story that Thiru (Founder and CEO of Ninjacart) and Subrata Mitra (Partner at Accel) can recall even after such countless years since the send-off of Ninjacart. It was a Saturday evening when Subrata intended to meet two business visionaries at his own home, however shockingly, he saw five of them appearing extremely close to home.

This made Subrata hold the gathering during supper.

The Founders of Ninjacart had no conventional pitch prepared, so they simply needed to discuss their thought, item, and plans. Thiru opened their application and demonstrated the way that individuals can arrange through something similar, which intrigued Subrata. The Accel Partner dazzles by the nature of the application and the likely chance for development that it had on the lookout. Be that as it may, what intrigued him the most is the group at Ninjacart.

But quickly Ninjacart founders realized that with little product differentiation, clients had been unwilling to pay a top-class price simply for the marginal comfort of ordering online, particularly for fruits and vegetables.

On one hand, Kirana’s companions confronted issues concerning tedious procurement tactics and appropriate administration of quality, hygiene, price, assortment, and consumer understanding. On the other, farmers skilled unfair practices, excessive meal wastage due to a supply-demand mismatch, and decrease incomes.

So, they modified the ninjacart commercial enterprise mannequin and the ninjacart income mannequin to an agri-tech platform to clear up one of the hardest agricultural provide chain troubles at its root, constructed reliable, cost-effective, and high-speed infrastructure, and enabled outlets and retailers to supply sparkling produce at once from farmers daily.

Purpose and Vision Of Ninjacart:

“Our vision is to build India’s most efficient and largest Supply Chain platform and improve the lives of producers, businesses, and consumers in a meaningful way,” the product vision statement said.

The company’s current goal is to focus on “making Ninjacart renovations accessible to the most diverse segments of society”. Ninjacart aims to use the company’s power and resources to establish new product categories and customer categories and to solve complex supply chain problems.

Founders and Team:

The Ninjacart pioneers are Ashutosh Vikram, Kartheeswaran KK, Sharath Loganathan, Sachin Jose, Thirukumaran Nagarajan, and Vasudevan Chinnathambi, 2015. The ninjacart organization has effectively fabricated a tech-empowered store network for new homestead produce and is currently ready to convey more than 1,400 tons of products of the soil day to day.

business model

Business and Revenue Model:

Ninjacart’s commercial enterprise mannequin is primarily based on doing away. Its with inefficiencies and intermediate middlemen in the fruits and veggies grant chain. On one hand, the business enterprise helps enhance farmers’ incomes. And presents a constant demand and on the different hand. They supply quality, fresh, and hygienically dealt produce to outlets and meal carrier providers. Ninja cart buys from farmers and sells to outlets and meals carrier carriers within 12 hours.

Nagarajan says that greater than 25% of the veggies Ninjacart sells procure immediately from farmers. The ninjacart enterprise mannequin helps the corporation in enticing farmers in more than a few recognition applications to instruct them about the Ninjacart app and the advantages of promoting immediately to the venture.

Ninjacart earns from the income of the sparkling items to the outlets at worthwhile prices. The enterprise additionally makes some cash by way of its app. The Ninjacart income mannequin ambitions to similarly construct a farmer ecosystem and have already started its work on growing a fintech platform for the farmers. The ninjacart app will assist them to get the capital they would want to purchase tractors, construct greenhouses, and different working capital they want from time to time.

Revenue and Growth:

The organization professes to have more than 200 assortment communities around the nation over to acquire new merchandise, and 1200+ distribution centers to stock them. Esteemed at more than $815 million, Ninjacart is at present hailed as the most noteworthy esteemed agri-tech startup, as of January 27, 2022. The $815 million valuation of Ninjacart is a respectable marker that the agri-tech startup can without much of a stretch become the main unicorn in the space ahead!

A portion of the Ninjacart development features are as per the following:
  • Ninjacart hailed as the trailblazer of tech-driven inventory network space for new produce ,
  • The organization is upheld by an extensive variety of regarded adventure assets and organizations including Accel, Qualcomm, Tiger Global, and others.
  • The Ninjacart Supply Chain is presently prepared to move more than 1400 tons of perishables from homesteads to organizations, consistently, and excessively within under 12 hours .
  • The Bengaluru-based organization demonstrates advantages to ranchers, retailers, and customers.
  • Ninjacart is by and by working in 150+ business sectors across numerous agri-wares.

Ninjacart sent off Agri Seed Fund on March 4, 2022. The Agri Seed Fund is a $25 million asset. It meant to help the arising and trendy new companies in the farming area. This seed asset would assist Ninjacart with making “seed interests in new businesses. Business people and tech trendsetters”, who will think of “remarkable, reasonable and tech-empowered arrangements”, according to the organization’s public statement.

It is critical to note here that with this new seed store drive, Ninjacart will put resources into groups who have extraordinary specialized capacities but may come up short on the specific arrangement or the right thought right now. This improvement comes as a component of the agri-tech monster’s bigger work to support the Indian farming scene. The Agri Seed Fund center around reinforcing development and speeding up interruption across the farming area with the assistance of seed speculations over the following two years.


Ninjacart primary companion with the farmers and the outlets of the united states of America. To ease matters in the provide chain. The business enterprise has beforehand partnered with Flipkart in 2019. Which went into a strategic partnership to locate a dependable provider of sparkling produce.

The enterprise has partnered with agri-tech platform Kilofarms and has made the manufacturing of residue-free tomatoes easy.

Ninjacart – ESOPs:

Ninjacart crossed the $800 million mark in valuation when it raised its Series D spherical of funding in December 2021. This additionally led the employer to extend the dimension and cost of its ESOP pool. According to the regulatory filings, as of April 29, 2022. Ninjacart exceeded an exclusive decision to enlarge its share alternatives from 2444 to 3156. The ESOP pool of which is presently valued at around Rs 170 crore.

The ultimate ESOP information of Ninjcart was once heard. When the enterprise introduced its ESOP buyback closing in January 2022. When a buyback worth Rs one hundred crores ($13.33 mn) was once introduced from its workforce, which additionally blanketed MSOPs.

ninjacart app

Challenges Faced By Ninjacart:

The ride of any startup no longer starts with instant success. What as soon as regarded to trouble may also no longer create that plenty of an effect on the standard market, however, things else totally sudden should crop up. Thirukumaran Nagarajan (ninjacart founder and CEO) firstly anticipated scaling up to 50 tonnes of fruits and veggies from the get-go. It used to be solely when the crew first confronted the behemoth of Indian agri-trading that the significance of correct appreciation of the actual hassle and pivoting the startup’s trouble announcement got here into play. But this is no longer the sole time startups ought to focal point on pivoting, by Thirukumaran.

The principal challenges that Ninjacart and U.S. confronted until now had related with:
  • The farmer’s trip fee risk, asymmetry of data about demand, distribution inefficiency, and frequently obtained late payments.
  • The shops regularly face issues with greater costs, and unhygienic produce, which frequently turns out to be of low quality, alongside different issues of high-price volatility and the hassles of going to market every day.
  • Besides, the standard provides chain had additionally declared exceedingly inefficient and unorganized, with an excessive charge of wastage of food.

However, Ninjacart has delivered high-quality options to ward off the challenges that the enterprise and its representatives confronted earlier. Fueled using the modern applied sciences and services, Ninjacart has eradicated the position of the intermediaries and has managed the furnish chain commandingly. It has constructed cost-effective, reliable, and environmentally friendly logistics and infrastructure to wipe out the inefficiencies in the Supply chain.

Ninjacart has advanced into a business enterprise. That appears up to the farmers who now get higher expenditures and regular demands. Whilst the shops get hold of the sparkling produce. That they desired and at aggressive prices. Which are additionally delivered to their doorsteps.

Funding and Investors:

Ninjacart has acquired $367.8 mn in funding as of May 2022. The business enterprise obtained sparkling dollars worth $9.6 mn (Rs seventy-five cr), as per the information dated May 18, 2022. In this clean funding round, STIC and Mainstreet Digital both invested Rs 37.5 crore each.

The preceding funding that Ninjacart obtained got here in on December 13, 2021. When the organization mopped up $145M in funding led by the aid of Flipkart and Walmart. The organization has considered 15 funding rounds complete and the organization has backed using round 22 traders until now.


Ninjacart received Tecxprt, a SaaS-based end-to-end options provider, designed to assist agencies to streamline their operations, on March 10, 2022. With this maiden acquisition of Tecxprt, Ninjacart will now be in a position to assist enlarge the possibilities for the members to make them flourish each in my view and collectively. This will extensively increase the Agri–ecosystem.



Hailed as the greatest B2B sparkling produce grant chain corporation in India. Ninjacart has been awarded quite a few awards and recognitions over the years. The agency has these days awarded the ‘Startup of the Year- 2021’. Its by using Agriculture Today journal on October 22, 2021. The organization has additionally been diagnosed as the ‘Overall Supply Chain Solution of the Year’ in the Agtech Breakthrough Awards 2020.

track for produce delivery

Future Plans:

Ninjacart appears ahead to a future that will push by using records and technology. The organization has a database of around forty distinctive markets in phrases of arrivals, supply, price, etc. According to Thirukumaran (the ninjacart proprietor and CEO), they can predict the fees of greens and fruits and manufacturing output in the future. The ninjacart Bangalore is the head workplace of the company, while it is additionally current in Chennai.

According to Vasu, Ninjacart needs to focal point on small vendors, mom-and-pop stores, and unorganized provision shops — a phase it presently caters to and the place the effectiveness of its mannequin lies. Ninja cart has 20,000 customers, together with restaurants.

Ninjacart founder and CEO, Thirukumaran Nagarajan has published. That the corporation is searching to construct a fintech platform for the farmers. That would assist them with the quintessential capital .That they would want to set up greenhouses, purchase tractors, and greater such investments. He in addition brought about ninjacart. That which will be a key element of the farmer ecosystem that they are working on!

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