B2B Retail Platform Jumbotail Raises $11 Million in Series B2 Funding Round
Bangalore based B2B wholesale food, grocery and retail platform Jumbotail announced on Monday (26th Oct) that it has raised $11 million (81 crore) in an extended series B2 round of funding. Led by Heron Rock Fund, other participants in the funding round were JumboFund, Nexus Venture Partners, Siddhi Capital, Reaction Fund, Pimpernel Holdings, and a group of HNIs & industry leaders. Prior to the current capital raise, Jumbotail had raised 90 crore from Heron Rock.
Founded in 2015 Jumbotail leverages technology, data science and design to transform mom and pop stores also known as ‘kirana stores’.
the firm has built a wholesale marketplace to connect kirana stores to their supplier ecosystem of staples producers, traders, and FMCG brands. The company was co-founded by S Karthik Venkateswaran, a marketplace product veteran from eBay-US & Flipkart and Ashish Jhina, a third generation apple farmer, and a former BCG consultant.
“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, Jumbotail.
“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 and grocery retail in India,” said Tom Williams, General Partner, Heron Rock.
In a statement Jumbotail elaborated that the fresh infusion of capital will be utilized to scale its core B2B marketplace to new geographies across India, expand its network of J24 stores, grow its 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.
“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, Jumbotail.
“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 and grocery retail in India,” said Tom Williams, General Partner, Heron Rock.
In a statement Jumbotail elaborated that the fresh infusion of capital will be utilized to scale its core B2B marketplace to new geographies across India, expand its network of J24 stores, grow its 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.
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