Exclusive: Jumbotail Bags $11 Mn From JumboFund, Heron Rock

Update: October 26, 2020 | 11:35 AM

Jumbotail announced that it has raised $11 Mn in Series B funding round led by Heron Rock, with participation from Jumbofund, Nexus Venture Partners, Siddhi Capital, Reaction Fund, Pimpernel Holdings and a group of HNIs and industry leaders. It will use the funds to scale its core B2B marketplace to new geographies across India, expand its network of J24 stores, grow private label product portfolio and to extend its go-to-market services to more FMCG brands seeking entry into kirana stores and standalone supermarkets across the country.

Bengaluru-based online B2B marketplace for food and grocery, Jumbotail, has raised $10.5 Mn (INR 78.28 Cr) in a funding round led by USA-based JumboFund1 with Canada-based Heron Rock AL Access Funds and its JUM Fund II also participated in this round.

About 22 investors had participated in this round, including Nexus Ventures, Science, Engineering and the Environment LLC (SEE), Pimpernel Holdings India, E Analytics Partners India.

According to the ministry of corporate affairs filings accessed by Inc42, Jumbotail has allocated 42,610 CCPS at a nominal value of INR 30 per share and premium of INR 18,336 per share to 21 entities. It has also allocated 100 equity shares to SEE at a nominal value of INR 10 per share and a premium of INR 18,356 per share.

• JumboFund1, a series of JumboFund LLC, has picked up 8,637 preferential shares for INR 15.8 Cr
• Heron Rock Access J3 LP has picked up 4,248 CCPS for INR 7.80 Cr, while Heron Rock HC has picked up 993 CCPS forINR 1.83 Cr
• Heron’s JUM Fund II has also picked up 6,290 CCPS for INR 11.5 Cr
• Nexus Ventures had picked up 5,962 CCPS for INR 10.94 Cr
• SEE LLC has picked up 3875 CCPS for INR 7.11 Cr, and 100 equity shares for INR 18 Lakhs
• JFI Jumbo Group has invested INR 3.64 Cr for 1,987 CCPS, while Pimpernel Holdings India has picked up 984 CCPS for INR 1.80 Cr
• Bhago Mobility Solutions has picked up 1,089 shares for INR 2 Cr

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. The company says that the top FMCG brands and staple producers in the country work directly with Jumbotail.

Jumbotail aims to organise the food and grocery ecosystem using technology, data science, and design. Sellers (traders, manufacturers and brands) have an option to list their food, grocery and FMCG products on its marketplace.

The company has raised nearly $35 Mn so far. It had last raised $12.98 Mn (INR 90 Cr) in a Series B funding round led by San Francisco-based omni-stage venture fund Heron Rock in November 2019. The round also saw participation from Capria Fund, BNK Ventures and William Jarvis and existing investors, Nexus Venture Partners and Kalaari Capital.

The company is also looking to raise the fund for forwarding integration of the Jumbotail platform with PoS, integrating backward to farmers, and onboarding new FMCG brands. Jumbotail is also looking to expand its team.