[Funding alert] B2B food marketplace Jumbotail raises $14.2M in Series B3 round
, the Bengaluru-based retail platform and B2B marketplace for food and grocery products, has completed its $25 million fundraise with $14.2 million raised in Series B3 round of funding led by VII Ventures, with participation from Nutresa, Veronorte, Jumbofund, Klinkert Investment Trust, Peter Crosby Trust, Nexus Venture Partners, Discovery Ventures, and a group of HNIs and industry leaders.
This round comes in quick succession after $11 million raised in Series B2 round in October 2020, bringing the total funds raised by the company to $54 million.
Ashish Jhina, Co-founder, Jumbotail, said,
“Jumbotail is at an inflection point in its growth trajectory. We are seeing tremendous interest from investors across the globe who are drawn to our highly scalable and operationally profitable business model, built on the industry's best technology and customer NPS. We will use this capital to scale the business to new regions, double down on our J24 store network, and launch a suite of services to help FMCG brands go to market exponentially faster and at a lower cost. We are looking to bring in more top talent from across the entire company to power this explosive growth.”
Jumbotail serves 30,000 kirana stores via its full-stack ecommerce model consisting of its B2B marketplace platform, an industry-leading warehousing and last-mile delivery supply chain network, and a fintech platform for payment and credit solutions to kirana store owners.
S Karthik Venkateswaran (R) with Co-founder Ashish Jhina (L)
Chadi Hajjar, Managing Director of VII Ventures, commented,
“We are very excited to make this investment in Jumbotail, which is one of India’s most dynamic and fast-growing businesses. We believe that Ashish and Karthik share our vision of disrupting the status quo, and we admire their fighting spirit and determination to digitalise the grocery supply chain and retail landscape in India. Jumbotail has all the ingredients for success, and we are keen to help them move forward in this next step of their journey.”
Jumbotail will use the funds to hire top talent, scale its core B2B marketplace to new geographies across India, expand its network of J24 stores, grow its private label product portfolio, and extend its go-to-market services to more FMCG brands seeking entry into kirana stores and standalone supermarkets across the country.
Sameer Brij Verma, Managing Director, Nexus Venture Partners, added, “Jumbotail’s New Retail platform powering J24 Stores is revolutionary, and their full-stack approach is the most cost-efficient and scalable way to modernise kirana stores. We have been firm believers in the team and their approach from the very beginning”.