Ninjacart, a leading B2B agritech company, has recently expanded its Employee Stock Ownership Plan (ESOP) to enhance employee ownership and welfare. The company’s board approved the addition of 2,397 employee stock options to its existing plan, 63Ideas Infolabs Private Limited ESOP Plan-2023, increasing the total ESOP pool to 8,919 options. This expansion reflects Ninjacart’s commitment to recognizing and rewarding its employees’ contributions.
The newly added ESOPs are estimated to be worth around ₹127 crore (approximately $15 million), bringing the total ESOP pool’s value to ₹472 crore (about $55 million), based on the company’s last funding round. This move aims to foster a sense of ownership among employees and align their interests with the company’s growth trajectory.
Ninjacart operates as a marketplace connecting farmers, traders, and retailers, leveraging technology to address supply chain challenges. The company offers targeted solutions like Ninja Mandi for traders and Ninja Kisaan for farmers, streamlining operations and enhancing efficiency. Over the years, Ninjacart has secured over $400 million in funding from prominent investors, including Tiger Global, Walmart, Accel, and Tanglin Ventures. As of its last valuation, the ten-year-old startup was valued at approximately $815 million. Notably, Ninjacart has not raised any funds in the past three years, indicating a stable financial position.
In terms of valuation, Ninjacart stands alongside competitors like DeHaat, Absolute, and WayCool, which have been valued at around $500 million, $500 million, and $460 million, respectively. Ninjacart’s recent financial performance showcases a 74% year-on-year growth in gross revenue, increasing to ₹2,002 crore in FY24 from ₹1,153 crore in FY23. Additionally, the company reported a 20% reduction in adjusted losses, which decreased to ₹260 crore in FY24 from ₹326 crore in FY23.
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In summary, Ninjacart’s expansion of its ESOP pool underscores its dedication to employee welfare and its robust growth in the agritech sector. Simultaneously, platforms like Unlistify are making it easier for investors to navigate the unlisted shares market, offering unique opportunities to diversify and potentially enhance their investment portfolios.