Jumbotail, a prominent B2B marketplace and retail platform catering to the food and grocery sector, has successfully secured Rs 151 crore ($18.2 million) in its Series C3 funding round, with Artal Asia Pte. Ltd. taking the lead alongside notable investors like Heron Rock, Sabre Investment, Arkam Ventures, Jarvis Reserve Fund, Reaction Global, VII Ventures, and others.
This funding round builds upon Artal’s prior involvement, having spearheaded an $85 million Series C investment in Jumbotail back in December 2021. Complementing this, the company had raised $9.5 million in debt financing in March last year, accumulating a total funding of around $157 million encompassing both equity and debt capital.
The infusion of capital is earmarked for expanding Jumbotail’s suite of Go-To-Market (GTM) solutions, specifically tailored to empower new and emerging brands in reaching a broader consumer base through Jumbotail’s extensive network of kirana stores nationwide, as stated in a press release issued by the company.
Jumbotail prides itself on its AI-driven technologies designed to bolster customer engagement and loyalty by harnessing its robust sourcing capabilities across FMCG and staple products, alongside its efficient kirana-centric supply chain infrastructure. Furthermore, the company plans to bolster its workforce across various domains including deep sourcing, technology development, category management, product innovation, and marketing initiatives.
Ashish Jhina, Co-founder and COO of Jumbotail, emphasized the company’s commitment to solidifying its market leadership position by deepening its presence in existing markets and facilitating brand penetration into kiranas with unparalleled cost-effectiveness and speed. Jhina further expressed optimism regarding the company’s operational profitability across its entire network by the conclusion of 2024.
Founded by S. Karthik Venkateswaran and Ashish Jhina, Jumbotail caters to the needs of small and medium-sized kirana stores across India through its comprehensive B2B marketplace platform, coupled with in-house warehousing facilities and an efficient last-mile delivery network ensuring next-day storefront deliveries. In addition to its core offerings, Jumbotail extends a fintech platform offering payment solutions, credit facilities, and financial services tailored to the requirements of kirana store owners.
Jumbotail’s revenue from operations surged by 2.17 times to reach Rs 819 crore in FY23 from Rs 377 crore in FY22, according to insights provided by startup data intelligence platform TheKredible. However, in parallel, its losses also witnessed a significant increase, more than doubling to Rs 264 crore in FY23 from Rs 125 crore in the preceding fiscal year.