B2B marketplace Jumbotail's losses rise significantly to Rs 122 Cr
The company's revenue was Rs 377.04 crore in FY22, up from Rs 123.17 crore in FY21.
Monday May 22, 2023,
2 min Read
Retail platform and food and grocery B2B marketplace's consolidated operating revenue increased to Rs 377.04 crore in FY22, from Rs 123.17 crore in the previous financial year (FY21). However, its losses increased by 177% to Rs 121.78 crore (Rs 43.90 crore in FY21) on the back of increased expenses.
The company incurred a total expense of Rs 521.02 crore in FY22 compared to Rs 171.43 crore in the previous year, as per the annual financial statement filed with the Registrar of Companies.
Purchases of stock-in-trade was the largest cost centre for the company, which increased by 250% to Rs 353 crore in FY22, from Rs 101 crore in FY21.
The startup says it has witnessed a 100% YoY increase in gross merchandise value (net of cancellations and returns), reaching Rs 2,262 crore in FY23, up from Rs 1,128 crore in FY22.
Jumbotail is a foodtech platform that provides full-stack services for kirana stores, including storefront delivery and payment collection. It also has a fintech platform that provides customers payment solutions and access to working capital credit from third-party credit providers, using transactional data and proprietary algorithms.
Earlier, in March this year, Jumbotail raised Rs 75 crore from Alteria Capital and Innoven Capital in a venture debt funding round.
The company has so far raised $125 million in equity from funds such as Heron Rock Fund, Kalaari Capital, and Nexus Venture Partners.
Jumbotail was founded by S Karthik Venkateswaran, a former Indian Army veteran, and his Stanford classmate Ashish Jhina.
(The copy was updated with information on the company's GMV.)
Edited by Swetha Kannan