A new Bengaluru-based B2B marketplace and a retail platform for food and grocery products, Jumbotail, raised INR 35 crores from Alteria Capital. After a successful $25 million equity round concluded in January 2021, this venture debt round is also quite successful.
According to Jumbotail, this funding will help them expand their operations across various states in the country. Moreover, this funding is bound to help Upscaling and fund its working capital requirements.
Jumbotail’s Co-founder, Ashish Jhina, said, “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. We are looking to bring in more top talent across the entire company to power this explosive growth.”
Ankit Agarwal, Partner, Alteria Capital added, “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. We believe Ashish and Karthik are building Jumbotail as an industry-defining company of the decade and we are glad to partner with them in their mission to transform food and grocery retail in India.”
Two Stanford MBA classmates, S Karthik Venkateswaran, and Ashish Jhina, the founders of Jumbotail claims to serve more than 50,000 Kirana stores. Their full-stack eCommerce model includes a platform for B2B business, a last-mile delivery supply chain network, and warehousing. Moreover, Jumbotail is also a fintech platform for payment and credit solutions to Kirana store owners.
According to the company, their retail platform transforms how Kirana stores operate and how they are transformed into a modern omnichannel convenience grocery store under the J24 brand within 24-48 hours.
A full suite of in-store POS tech and insights, fulfillment of thousands of products, loyalty solutions to connect consumers with retailers, and a B2C online store – all of these are helping Kirana retailers on a different level. Imagine getting all of these in addition to omnichannel integrations with hyperlocal platforms.
Jumbotail’s moderate estimation suggests that 12 million Kirana stores in India control more than 95% food and grocery market which is roughly $500+ billion.
Their supply chain, Technology, and fintech solutions will transform the Kirana store ecosystem at an incredible pace and upscale the entire industry over the next few years, Jumbotail said.
Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.
If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.
You can subscribe to our news posts by entering your email in the box on the right side of this page.
Check out our YouTube channel for insightful content from the Indian startup ecosystem.
Or join our Whatsapp group to interact with other founders.
The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.
Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.
For publishing an advertorial article about your company on our website, drop an email at firstname.lastname@example.org