Jumbotail, a B2B marketplace and retail platform specializing in food and grocery, has secured Rs 151 crore ($18.2 million) in its Series C3 funding round led by Artal Asia Pte. Ltd., along with participation from Heron Rock, Sabre Investment, Arkam Ventures, Jarvis Reserve Fund, Reaction Global, VII Ventures, and other investors.
Artal had previously led an $85 million Series C round for Jumbotail in December 2021. In March of the previous year, the company raised $9.5 million in debt, accumulating approximately $157 million in total across both equity and debt funding to date.
Jumbotail intends to utilize these funds to expand its suite of Go-To-Market (GTM) products and services, enabling new and emerging brands to reach a broader consumer base through Jumbotail’s extensive kirana store network across the country, as mentioned in a press release by the company.
Leveraging AI-driven technologies, Jumbotail aims to increase customer wallet share by leveraging its strong sourcing capabilities in FMCG and staples, as well as its kirana supply chain. Additionally, the company plans to recruit teams specializing in deep sourcing, technology, category management, product management, and marketing.
Co-founder and COO of Jumbotail, Ashish Jhina, stated, “..We will strengthen our leadership position by going deeper into our existing markets and by helping brands reach kiranas with the lowest total cost of activation and the fastest route to market in the sector.” He also mentioned the company’s expectation to achieve full profitability on an operational basis throughout its entire network by the end of 2024.
Founded by S. Karthik Venkateswaran and Ashish Jhina, Jumbotail caters to small and medium-sized kirana stores across India through its comprehensive B2B marketplace platform, in-house warehousing, and last-mile delivery supply chain network, ensuring next-day storefront deliveries to kirana stores. The company also provides a fintech platform offering payment, credit solutions, and financial services to kirana store owners.
According to TheKredible, a startup data intelligence platform, Jumbotail’s revenue from operations grew by 2.17 times to Rs 819 crore in FY23 from Rs 377 crore in FY22. Concurrently, its losses also increased over two times to Rs 264 crore in FY23 compared to Rs 125 crore in the previous fiscal year.
