B2B marketplace Jumbotail to acquire SC Ventures-incubated Solv India
The combined entity will be led by Jumbotail co-founders S Karthik Venkateswaran and Ashish Jhina.
B2B ecommerce player Jumbotail is set to acquire SC Ventures-incubated startup Solv India for an undisclosed amount.
According to a press note, Jumbotail will acquire Solv India to become a multi-category B2B ecommerce platform supporting the commerce and fintech needs of kiranas and MSME firms.
The combined entity is expected to be led by Jumbotail co-founders S Karthik Venkateswaran and Ashish Jhina. Gautam Jain, Chairman of the Board at Solv India and Operating Member, SC Ventures, will join the board of Jumbotail.
"Jumbotail’s strength across the entire food and grocery value chain, and Solv India’s differentiated capabilities in apparel, home furnishing, footwear and toys are a unique combination with immense potential,” noted Ashish Jhina, Co-founder and COO of Jumbotail.
“The acquisition of Solv India by Jumbotail will create a significant horizontal multi-category B2B ecommerce platform in India with the potential to transform the lives of hundreds of millions of Indians," said Jain. SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, had incubated Solv India to offer a digital commerce and supply chain finance platform for MSMEs.
According to a report by Moneycontrol, the transaction is valued at around $50 million (around Rs 425 crore) and is expected to be a mix of cash and equity. The announcement comes amid speculation regarding Solv CEO Amit Bansal's departure from the company.
Founded in 2015 by S Karthik Venkateswaran and Ashish Jhina, Jumbotail offers a full-stack B2B marketplace platform, tech-driven warehousing, and last-mile delivery supply chain network to small and medium enterprises. Additionally, it provides next-day storefront deliveries to kirana stores, and its fintech platform for payment, credit solutions and financial services to kirana store owners.
Edited by Kanishk Singh