Jumbotail, a business-to-business (B2B) marketplace for food and grocery products, has raised Rs 35 crore from venture debt provider Alteria Capital.
The venture debt round follows a $25 million equity round that was raised by the company in January. The B2B marketplace said, in a statement, that it plans to use the funds to expand its operations across the country, fund its working capital requirements, and enhance its small, medium enterprises (SME) focused fintech business.
“COVID has accelerated the digital transformation of the food and FMCG sector and it is very evident to all players that digital marketplaces are indispensable for their continued growth. We are seeing rapid adoption of our platform and services from retailers and brands across all geographies," said Ashish Jhina, Co-founder, Jumbotail.
"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.”
Jumbotail was founded in 2015 by S.Karthik Venkateswaran, and Ashish Jhina. Jhina is a 3rd generation apple farmer, and a former consultant with BCG, with substantial experience in agricultural production and managing supply chains.
“Jumbotail is emerging as a market leader in the $500B+ 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,” added Ankit Agarwal, Partner, Alteria Capital.
Jumbotail works with over 50,000 kirana stores with its full-stack B2B ecommerce model. It offers a whole range of services including supply chain logistics, a mobile app for placing orders, and integration with point-and-sales devices, and credit solutions to kirana store owners that can’t easily get loan from banks.
The platform’s New Retail platform transforms kirana stores into modern omni-channel convenience grocery stores under the J24 brand within 24-48 hours - offering kirana retailers a full suite of in-store POS technology and insights, daily fulfillment of thousands of products, a B2C online store as well as loyalty solutions to better connect retailers to their consumers, in addition to omnichannel integrations with hyperlocal platforms, the statement said.
“Jumbotail’s New Retail platform powering J24 Stores is revolutionary, and their full stack approach is the most cost efficient and scalable way to modernize kirana stores. We have been firm believers in the team and their approach from the very beginning,” said Sameer Brij Verma, MD, Nexus Venture Partners.
First Published: IST