Ninjakart vs Waycool vs Dehaat vs Crofarm vs Udaan
August 18, 2025
Industry: Agriculture And Allied Industries
Subject: Startups
Ninjacart and Waycool lead in farm-to-retail fresh produce logistics; DeHaat offers full-stack services to farmers with recent profitability; Crofarm secures neighbourhood kirana sourcing; and Udaan powers B2B grocery and agri access across kiranas with fresh funding. Each presents unique value levers for investors navigating India’s ag-tech wave.
Overview: India’s Agritech & B2B Landscape 2025
Investor interest in Indian agritech surged post-2020, with major rounds fueling startups like Ninjacart, Waycool, and DeHaat. By 2025, however, funding eased significantly, reflecting both macro caution and sector maturity. The leading agritech players now focus on unlocking profitability, expanding service depth, and enhancing rural reach.
Platform Profiles & Investor Insights
1. Ninjacart
A B2B supply chain leader for fresh produce, Ninjacart connects farmers with retailers and restaurants using a tech-first, farm-to-retail model. Leading the segment, it crossed ₹2,002 crore in revenue for FY24, up significantly from the previous year, and maintains a valuation near $815 million.
Strengths: Scale, logistics depth, reduced produce wastage
Risks: Thin margins, high operational costs, funding slowdown
Investor Takeaway: A core platform with potential via operational leverage and rural expansion.
2. Waycool
Focused on farm-to-FMCG supply, Waycool integrates procurement, branding, and last-mile distribution across produce, dairy, and staples. FY23 revenue reached ₹1,700 crore, and it’s valued close to $700–712 million.
Strengths: Full-stack control, margin-building through value-adds
Risks: Heavy capex and complexity of diversified logistics
Investor Takeaway: Strong growth story, contingent on delivering operational efficiencies.
3. DeHaat
An end-to-end agri-services platform, DeHaat offers inputs, advisory, finance, and market linkage via rural centers. With FY24 revenue hitting ₹2,674 crore and marked EBITDA profitability in Q1 FY26, it stands as a rare profitable agritech play.
Strengths: Full-stack monetization, rural deep dive, proven unit economics
Risks: Complexity in quality control across touchpoints
Investor Takeaway: Leading agritech investment case due to demonstrated path to profit.
4. Crofarm
Crofarm serves kirana stores through efficient, app-driven fresh produce sourcing and procurement aggregations. Though smaller in scale, it offers hyperlocal penetration strength and just-in-time supply models.
Strengths: Low geographic barriers, agility, store relationships
Risks: Limited scale, regional fragmentation
Investor Takeaway: A tactical play for hyperlocal outreach and store supply optimization.
5. Udaan
A massive B2B commerce platform serving kiranas, FMCG, staples, and now groceries, Udaan recently raised $114 million in Series G funding and acquired ShopKirana to strengthen its agri-FMCG presence.
Strengths: Massive platform reach, credit-enabled buying, trusted network
Risks: Intense competition and capital burn in B2B logistics
Investor Takeaway: A high-leverage platform poised to define Bharat’s commerce future, with recent capital reinforcing resilience.
Comparative Snapshot
| Platform | Core Focus | Strengths | Ideal For Investor Profile |
|---|---|---|---|
| Ninjacart | Fresh produce supply chain | Scale & brand in farm-to-retail | High upside via optimization |
| Waycool | Farm-to-FMCG full-stack | Value-add control, diversification | Growth-oriented systematic builders |
| DeHaat | Full-stack farmer solutions | Profitability, rural diversification | Agri-investment with downstream upside |
| Crofarm | Kirana-focused produce sourcing | Agility, niche reach | Tactical local footprint bets |
| Udaan | B2B grocery & general commerce | Scale, credit tools, tech platform | High conviction B2B platform play |
Sector Trends & Dynamics
- Funding Reset: Agritech funding has declined sharply post-pandemic peaks, requiring startups to focus on operational discipline.
- Profitability Matters: With DeHaat turning EBITDA-positive, investor attention is shifting to viable business models over rapid burn.
- Platform Efficiency & Reach: Operational leverage in supply chain and B2B systems will define winners—especially in rural micro-cities.
- Consolidation Ahead: As competition heats up, expect M&A or deeper tie-ups, especially where scale augments reach and efficiency.
Conclusion & Investment Positioning
- Core Mid-Term Play: Ninjacart — leader in produce logistics with optimization potential.
- Diversified Growth: Waycool — scaling and expanding categories, ready for operational gains.
- Agri Flag Bearer: DeHaat — rare profitable full-stack agritech.
- Niche & Tactical: Crofarm — local reach, quick execution.
- Platform Bet: Udaan — massive reach, recent funding and acquisitions signal sustained investor faith.
