Jumbotail, a business-to-business (B2B) e-commerce wholesale marketplace for food and grocery products, has raised US$ 11 million through a Series B2 funding round held in October 2020 which was led by Heron Rock. Other participants include Jumbofund1, Nexus Venture Partners, Siddhi Capital, Reaction Fund, Pimpernel Holdings and a group of industry leaders. About 22 investors had participated in this round. The company has raised about US$ 35 million to date.
Jumbotail will use the funds to scale its core B2B marketplace to new locations pan India, develop its network of B2C home delivery service – J24 stores, expand its private-label product portfolio and expand its team. It is also looking to raise funds for initiating integration of Jumbotail platform with PoS, networking with farmers, and onboarding new FMCG brands.
It sources and sells products such as staples, pulses and other fast moving consumer goods (FMCG) to small mom-and-pop stores, kiranas (Indian grocery stores), and supermarkets. Jumbotail serves more than 30,000 small stores with its full-stack B2B e-commerce model. This network includes warehouses, a last-mile delivery supply chain network and a fintech platform for store owners to provide payment and credit solutions.
The startup had secured Rs 900 million in a Series B round of funding in June 2019 and another US$ 8.5 million in a Series A round in 2017.
What the founder has to say
“We have built a very capital efficient and operationally profitable business by focusing on solving problems for kiranas. Our J24 store network is emerging as the ecosystem of choice for kirana store owners looking to seamlessly transform their kiranas into modern grocery stores, and to compete better in an increasingly technology-driven retail world,” said Ashish Jhina, Co-founder at Jumbotail.
What investors have to say
“Jumbotail has displayed tremendous grit and resilience in the face of unprecedented odds and continued to execute at a level of excellence that is rarely seen. We are doubling down on our investment in Jumbotail as we believe they are best positioned to transform food & grocery retail in India,” said Tom Williams, General Partner at Heron Rock.
About Jumbotail
Jumbotail was founded by S Karthik Venkateswaran and Ashish Jhina in 2015. It has its headquarters in Bangalore, India. Jumbotail is a top tier VC funded startup focused on developing an online marketplace for food and grocery, with a target on wholesale buyers. Venkateswaran had worked earlier with eBay-US and Flipkart in marketplace products and Jhina is a third-generation apple farmer and a former BCG consultant, with in-depth knowledge and experience in agricultural production and supply chain.
About Heron Rock
Heron Rock Fund is a venture capital fund from a small number of Limited Partners, received each year. The firm is based in Ottawa, Canada and was founded in 2014. It usually invests in sectors like food tech, infrastructure, healthcare IT, SaaS, payments and real estate.
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