India’s agritech and B2B grocery space continues to face profitability challenges as Ninjacart posted a ₹256 crore loss in FY25, according to its latest financial disclosures. The loss highlights the cost pressures and operational complexities involved in building large-scale farm-to-retail supply chains, even as demand for fresh produce and organized sourcing continues to grow.
The development comes at a time when investors are closely scrutinising startup fundamentals, cash burn, and paths to profitability.
What the ₹256 Crore Loss in FY25 Indicates
The fact that Ninjacart posted a ₹256 cr loss in FY25 reflects sustained investment in logistics, technology, and supply-chain expansion. Operating a temperature-sensitive, time-critical agritech network requires high spending on warehousing, transportation, and wastage control, which continues to weigh on margins.
While revenues have grown over the years, profitability in the B2B fresh produce segment remains challenging due to thin margins and price volatility.
About Ninjacart’s Business Model
Ninjacart operates a farm-to-business platform that connects farmers directly with retailers, restaurants, and institutional buyers. The company aims to eliminate intermediaries, improve price discovery for farmers, and ensure consistent quality and supply for buyers.
This model depends heavily on scale, operational efficiency, and technology-driven demand forecasting.
Key Cost Drivers Behind the Loss
A major contributor to the FY25 loss has been high logistics and fulfillment costs. Managing perishable goods at scale involves expenses related to cold storage, last-mile delivery, and spoilage reduction.
Additionally, investments in technology platforms, data analytics, and expansion into new regions have added to operating expenses.
Industry-Wide Profitability Challenges
Ninjacart’s loss is not an isolated case. Many agritech and B2B commerce startups are grappling with similar issues as they balance growth with sustainability. Rising fuel costs, inflationary pressures, and intense competition have further compressed margins.
The sector is now under pressure to prioritise efficiency and unit economics over rapid expansion.
Investor and Market Perspective
Investors are increasingly focused on cost discipline and clear profitability roadmaps. While losses like ₹256 crore in FY25 raise concerns, backers often view them in the context of long-term market opportunity and infrastructure creation.
The key question for stakeholders is how quickly Ninjacart can narrow losses while maintaining service quality and farmer engagement.
Steps Toward Improving Financial Health
To address losses, companies in the sector are streamlining operations, reducing wastage, renegotiating logistics contracts, and focusing on high-margin customer segments. Improved demand forecasting and automation are also being used to enhance efficiency.
Ninjacart is expected to continue refining its model to improve contribution margins.
Outlook for FY26 and Beyond
The road ahead will depend on execution and market conditions. If cost controls and operational efficiencies take hold, losses could narrow in the coming years. However, profitability at scale remains a complex challenge in the fresh produce supply chain.
Policy support for agritech, better infrastructure, and consolidation in the sector could also influence outcomes.
Conclusion
The news that Ninjacart posted a ₹256 crore loss in FY25 underscores the tough economics of India’s agritech and B2B grocery sector. While the company continues to build critical supply-chain infrastructure, balancing growth with financial sustainability remains its biggest test.
How effectively Ninjacart manages costs and improves margins will be closely watched by investors and the broader startup ecosystem.
