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Jumbotail Raises Rs 35 Crore Toward B2B Marketplace

Jumbotail Raises Rs 35 Crore Toward B2B Marketplace

June 15, 2021 at 02:56AM
by PYMNTS

B2B marketplace and retail platform Jumbotail, based in Bengaluru, has raised Rs 35 crore (approximately $4.78 million), which it will use in order to boost operations and scale the business, a report from Economic Times said Monday (June 14).

The company also raised $25 million in an equity round from January.

Over 50,000 kirana stores use Jumbotail’s services with the full-stack eCommerce model.

That consists of the company’s B2B marketplace platform, warehousing and last-mile delivery supply chain network, along with a FinTech platform for payment and credit solutions for kirana owners.

“We are seeing rapid adoption of our platform and services from retailers and brands across all geographies. Our J24 store network is growing fast and a large number of FMCG brands are signing up for our go-to-market suite of services to get national reach,” said Ashish Jhina, co-founder at Jumbotail.

Alteria Capital was behind the recent funding, and a partner, Ankit Agarwal, said Jumbotail is “emerging as a market leader in the $500 billion B2B grocery market, driven by scalable tech platforms, full stack logistics and supply chain network, and fintech and SME lending solutions,” per the Economic Times.

Jumbotail has been consistently raising funds, with another round fetching $11 million last October, PYMNTS reported.

That round was led by Heron Rock — other investors included Nexus Venture Partners, Jumbofund, Siddhi Capital, Reaction Fund and Pimpernel Holdings, along with some high net-worth individuals.

Jhina told PYMNTS last year that there was an opportunity to advance the digitization of India’s food and grocery supply chains. But the largely cash-based economy might be a hurdle to that. And despite India’s economy being one of the world’s largest, things are still based on legacy processes.

India’s food and grocery market is largely based on the kirana stores and is worth around $500 billion.