Bengaluru-based online B2B marketplace for food and grocery, Jumbotail, has completed its $25 Mn fundraise by raising an additional $14.2 Bn in its Series B3 funding round led by VII Ventures.
Nutresa, Veronorte, Jumbofund, Klinkert Investment Trust, Peter Crosby Trust, Nexus Venture Partners, Discovery Ventures, and a group of HNIs and industry leaders have participated in this round, which is a quick succession of the $11 Mn Series B2 round raised by the company in October 2020.
The Series B2 round was 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. Overall, Jumbotail has raised about $54 Mn in funding till date.
Jumbotail will use the latest funding to hire top talent, scale its core B2B marketplace to new geographies across India, expand its J24 stores network and grow its private label product portfolio.
Ashish Jhina, cofounder of Jumbotail, elaborated, “ We will use this capital to scale the business to new regions, to double down on our J24 store network and to launch a suite of services to help FMCG brands go to market exponentially faster and at the lowest cost. We are looking to bring in more top talent across the entire company to power this explosive growth.”
Besides this, the company is looking to extend its Go-To-Market services to more fast moving consumer goods (FMCG) brands seeking entry into kirana stores and standalone supermarkets across the country.
The company, which runs a B2B online marketplace for food and grocery primarily selling to wholesale buyers, was founded in 2015 by S Karthik Venkateswaran and Ashish Jhina. It sources staples, spices, dry fruits, packaged foods and FMCG products from top producers, and sells it to traders directly.
The company claims to serve over 30,000 Kirana stores through its full stack ecommerce model consisting of its B2B marketplace, warehousing facilities and last-mile delivery supply chain network. The company also offers a fintech platform for payment and credit solutions to Kirana store owners.
“Jumbotail’s New Retail platform transforms kirana stores into modern omni-channel convenience grocery stores under the J24 brand within 24-48 hours – offering kirana retailers a full suite of in-store technology and insights, daily fulfillment of thousands of products, a B2C online store as well as loyalty solutions to better connect retailers to their consumers, in addition to omnichannel integrations with hyperlocal platforms such as Dunzo and Swiggy,” the company said.