Ninjacart raises $6M from Accel, Nilekani in first slice of pre-IPO round
What's the deal? B2B agritech Ninjacart has raised $6 million in the first tranche of a larger pre-IPO fundraise. The late-stage round was led by existing backers Accel, Tiger Global, and InfosysDealroom has a profile for this one. Try Dealroom → co-founder Nandan NilekaniDealroom has a profile for this one. Try Dealroom →, with more investors expected to join.
Why now? The startup says it is deploying the funds to strengthen operations ahead of a planned public listing within two years. It claims to be EBITDA profitable and has begun laying the groundwork for a listing, though it has not disclosed a target IPO size or timeline.
What's the endgame? Founded in 2015, Ninjacart started as a B2C fresh produce platform before pivoting to B2B. It now runs what it calls a full-stack fresh produce supply chain and positions itself as the largest fresh produce supplier to quick commerce platforms.
The company says it moves over 1,500 tonnes of produce daily across more than 40 Indian cities, working with over 150,000 farmers, 30,000 retailers, and 5,000 resellers.
How it turned the corner: Ninjacart credits three levers for improved unit economics: optimising its category and channel mix, moving closer to sourcing, and using technology to cut wastage and logistics costs. Those changes, it says, drove 3x growth in its core business over the past year, though it has not shared exact FY26 figures.
What could go wrong? The IPO push comes against a backdrop of recent losses. In FY25, Ninjacart reported a net loss of ₹256 crore, while operating revenue fell around 18.5% year-on-year to ₹1,634 crore. The company has not yet explained how it reconciles that with its current profitability claim.
The signal: The repeated participation of high-profile backers like Nilekani and Accel — who led Ninjacart's earlier rounds, including its $5.5 million Series A — suggests the company is viewed as a potential category leader. Its pre-IPO plan sits within a broader trend of scale-up agritech platforms moving towards public markets.
Image credit: Alameda County Community Food Bank
