Ninjacart has probably become the biggest company with its operating revenue slated to cross Rs 1,000 crore in the fiscal year ending March 2022, in terms of sale. The Bengaluru-based startup had managed to grow its revenue from operations by 61% to Rs 755 crore in FY21 from Rs 469 crore earned in FY20.
Earnings from delivery contribute only 1.6% to Ninjacart’s revenue and remained stable at around Rs 12 crore during the fiscal ended in March 2021. It also earned another Rs 21.8 crore from its financial assets during the same period.
Ninjacart has generated 85.5% of its revenue from the sale of fruits & vegetables to retailers, and restaurant operators and the supply of grains and other food staples accounted for around 13%. The company has managed to improve its EBITDA margin from -86.4% in FY20 to -43.2% during FY21.
Ninjacart’s revenue from operations is projected to be around Rs 1,023.8 crore. The company has managed to turn around its gross profit ratio from a negative 5.73% in FY20 to 8.56% during FY21 along with growth in sales.
The company provides agricultural supply chain solutions, connecting farmers to restaurants, hotels and retailers across seven cities. It claims to move over 1,400 tons of fresh produce every day within its network of over 200 collection centres and 1,200 warehouses in India.
During the fourth quarter of FY21, Ninjacrt had laid off around 200 people on account of performance issues and austerity measures. Due to this, the company managed to bring down its employee benefit cost down by 17% to Rs 162.1 crore in FY21 from Rs 195.3 crore in FY20.
