Jumbotail's losses balloon to Rs 264 Cr in FY23; expenses at Rs 1,114 Cr

B2B marketplace Jumbotailreported Rs 264 crore in losses in the year ended March 2023, almost double the Rs 124.7 crore that it saw in the previous year.

Its revenue from operations stood at Rs 819 crore, a 117% increase from last year when it was Rs 377 crore.

Total expenses for the company also widened in FY23 to Rs 1,114 crore from Rs 524 crore. Purchases of stock-in-trade emerged as the largest expense at Rs 761 crore, up from Rs 352 crore.

Founded in 2015 by Karthik Venkateswaran and Ashish Jhina, Jumbotail is a wholesale and food grocery platform. It provides full-stack services for kirana stores including storefront delivery and payment collection for its sellers.

In March this year, Jumbotail raised Rs 75 crore from Alteria Capital and Innoven Capital in venture debt. At the time, the company said it would use the funds to increase hiring across deep sourcing, category management, product management, AI/ML, and marketing verticals.

Jumbotail 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 company says that it has 60% of the total penetration within the addressable market of kirana stores in 50 cities and all of its sales are placed organically by kirana stores.