Bengaluru-based online B2B marketplace for food and grocery, Jumbotail has raised INR 14.2 Cr from an existing investor, Nexus Venture Partners.
According to the Ministry of Corporate Affairs filings (dated October 25, 2019) accessed by Inc42, Nexus Venture invested INR 14.2 Cr in the company. Nexus was issued 7,732 equity shares at a price of INR 30 per share and a premium of INR 18,336 as part of the transaction in Series B preference shares.
There’s no word on how Jumbotail will utilise these funds. Inc42 reached out to the company to find out more, but Jumbotail did not respond to our queries till the time of publishing.
Filings also show that the company reported consolidated revenue of INR 224.50 Cr on a loss of INR 66.27 Cr for FY19 Q2 ending March 31, 2019.
Earlier, in a Series B funding round led by San Franscisco-based omni-stage venture fund Heron Rock, Jumbotail had raised INR 90 Cr ($12.98 Mn) in June 2019. The round included other participation from Capria Fund, BNK Ventures and William Jarvis and existing investors, Nexus Venture Partners and Kalaari Capital. Before this, in July 2017, it had raised INR 72. 8 Cr ($10.5 Mn) funding from Kalaari Capital and Nexus Venture Partners among others.
Founded in 2015 by S. Karthik Venkateswaran and Ashish Jhina, Jumbotail runs a B2B online marketplace for food and grocery primarily selling to wholesale buyers. It sells staples, spices, dry fruits, packaged foods and FMCG products to traders, while sellers can list their products on its marketplace to connect with wholesale buyers.
Besides the marketplace, Jumbotail runs the supply chain network for goods procurement, last-mile delivery fulfilment, fintech solutions (payment and credit) for kirana store owners and PoS integration for omnichannel sales.
B2B ecommerce models have earned a lot of investor interest in recent months, due largely to the success of IndiaMART, Udaan and other startups in this space. The overall B2B market size is expected to grow to around $700 Bn by 2020, according to an April 2016 report by the Confederation of Indian Industry and Deloitte. With players such as Jumbotail fighting for dominance in the wholesale grocery market, the technology upgrade on B2B side can be further leveraged.