Jumbotail, a B2B marketplace and retail platform for food and groceries, raised Rs 151 crore ($18.2 million) in a Series C3 financing led by Artal Asia Pte. Ltd., Heron Rock, Sabre Investment, Arkam Ventures, Jarvis Reserve Fund, Reaction Global, VII Ventures, and others.
Source: Techcrunch
Artal led a $85 million in Series C financing for Jumbotail in December 2021. The firm raised $9.5 million in debt in March of last year and has raised approximately $157 million in total, including equity and debt.
Jumbotail intends to invest in expanding its suite of GTM (Go-To-Market) products and services for new and developing brands in order to reach mass market consumers through the company’s nationwide Kirana store network, according to a news release.
S Karthik Venkateswaran and Ashish Jhina founded Jumbotail in 2015, which provides a full stack B2B marketplace platform, tech-driven warehousing, and a last-mile delivery supply chain network to small and medium-sized businesses. It also offers kirana store owners a fintech platform for payment, credit solutions, and financial services, as well as next-day storefront deliveries.
Jumbotail claims to be developing AI-driven technologies to increase client wallet share by utilizing its deep sourcing expertise in FMCG and staples, as well as its Kirana supply chain.
The company also intends to hire teams for deep sourcing, technology, category management, product management, and marketing.
According to Entrackr, “We will strengthen our leadership position by going deeper into our existing markets and by helping brands reach kiranas with the lowest total cost of activation and the fastest route to market in the sector,” stated Ashish Jhina, co-founder and chief executive officer of Jumbotail
Jhina further stated that the company intends to be entirely profitable on an operational level over its whole network by the end of 2024.
Jumbotail, founded by S.Karthik Venkateswaran and Jhina, services small and medium kirana retailers across India through a full stack B2B marketplace platform, in-house warehousing, and a last-mile delivery supply chain network that offers next-day storefront deliveries to these stores. It also offers a fintech platform for payment, credit solutions, and financial services to kirana store operators.
According to Jumbotail, it generated sales from unassisted digital orders placed organically by Kirana businesses across the country using its app.
According to startup data intelligence platform TheKredible, Jumbotail’s operating income increased by 2.17 times to Rs 819 crore in FY23 from Rs 377 crore in FY22. In terms of income, its losses more than doubled to Rs 264 crore in FY23, up from Rs 125 crore the previous year.
