India’s latest Retail platform and B2B marketplace for food and grocery, Jumbotail, raises $25M with $14.2M funding from Series B3 round led by VII Ventures, along with Nutresa, Jumbofund, Veronorte, Klinkert Investment Trust, Nexus Venture Partners, Peter Crosby Trust, Discovery Ventures, and a group of HNIs. Now the total fund becomes $54mn as the company managed to raise a sum of $11M from the Series B2 round in October 2020.
Jumbotail provides to over thirty thousand Kirana stores through its flawless e-commerce model consisting of a B2B marketplace platform, an effective warehousing and last-mile delivery supply chain network, and a payment and credit solutions platform to the store owners.
“The capital will be used to scale the business to new regions, to double our J24 store network and to launch a suite of services for FMCG brands which help them grow in the market faster and at a lower cost. We are planning to acquire more top talent to support this explosive growth,” Jhina said.
Chadi Hajjar, Managing Director of VII Ventures, commented, “Jumbotail has all the ingredients for success, and we are keen to help them move forward in this next step of their journey,” Hajjar added.
Jumbotail’s New Retail platform offers Kirana retailers new technology and insights on business, daily supplies, a B2C online store as well as loyalty solutions to better connect retailers to their consumers, in a nutshell, transforming them into a modern-day grocery store.
Jumbotail plans to channel the funds to hire top talents, broaden its core B2B marketplace across India, expand its network of J24 stores, build the private label product portfolio, and to bring in FMCG brands to its Go-To-Market services into Kirana stores and supermarkets across the country.
Jumbotail was founded by two MBAs from Stanford – S. Karthik Venkateswaran, and Ashish Jhina. Karthik has a history of serving the Indian army and has also worked with eBay-US and Flipkart. Ashish Jhina is a former consultant with BCG, with immense experience in agricultural production and supply chain.