[Funding alert] B2B marketplace Jumbotail raises Rs 35 Cr in Debt from Alteria Capital
Jumbotail, a Bengaluru-based new retail platform and B2B marketplace for food and grocery products, has raised Rs 35 crore from Alteria Capital. This venture debt round comes after a $25 million equity round concluded in January 2021.
The company said it plans to use the funds to expand its operations across the entire country, fund its working capital requirements, and scale its SME focused fintech business.
Ashish Jhina, Co-founder, Jumbotail, 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.”
Ashish Jhina, Co-founder, Jumbotail
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.”
Founded by S Karthik Venkateswaran, and Ashish Jhina, Stanford MBA classmates, Jumbotail claims to serve 50,000+ kirana stores via its full stack ecommerce model consisting of its B2B marketplace platform, a warehousing and last-mile delivery supply chain network, and a fintech platform for payment and credit solutions to kirana store owners.
The company said its new retail platform transforms kirana stores into modern omni-channel convenience grocery stores under the J24 brand within 24-48 hours. The platform is offering kirana retailers a full suite of in-store POS technology and insights, daily fulfilment 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.
According Jumbotail, an estimated 12 million kirana stores in India control more than 95 percent of the country’s $500 billion+ food and grocery market. Technology, supply chain, and fintech solutions from startups like Jumbotail are poised to transform the kirana store ecosystem at an unprecedented pace and scale over the next few years, it said.