Friday, June 14, 2024

Jumbotail Raises Rs 151 cr in Series C3 Equity Funding

Must Read

Jumbotail, India’s leading B2B marketplace and New Retail platform for food and grocery has raised INR 151 crore ($18.2M) equity capital in Series C3 equity funding round led by Artal Asia Pte. Ltd. (“Artal”). Heron Rock, Sabre Investment, Arkam Ventures, Jarvis Reserve Fund, Reaction Global, VII Ventures and others also participated in the round. Jumbotail plans to invest funds in scaling its suite of GTM (Go-To-Market) products and services for new and emerging brands to reach mass market consumers via Jumbotail’s nationwide kirana store network. Jumbotail is building AIdriven technologies to drive higher customer wallet share by leveraging its deep sourcing capabilities across FMCG and staples and its industry leading kirana supply chain.

Jumbotail, India’s leading B2B marketplace and New Retail platform catering to food and grocery sectors, has successfully secured INR 151 crore ($18.2M) in equity capital through its Series C3 funding round. Artal Asia Pte. Ltd. (“Artal”) spearheaded this round, with notable contributions from Heron Rock, Sabre Investment, Arkam Ventures, Jarvis Reserve Fund, Reaction Global, VII Ventures, and other esteemed investors.

The infusion of funds will fuel Jumbotail’s strategic initiatives, primarily aimed at amplifying its suite of Go-To-Market (GTM) products and services. These efforts are directed towards empowering new and emerging brands to connect with a vast consumer base through Jumbotail’s extensive network of kirana stores across the nation. Additionally, Jumbotail is committed to advancing AI-driven technologies, leveraging its robust sourcing capabilities across FMCG and staples, along with its pioneering kirana supply chain infrastructure, to enhance customer engagement and drive greater wallet share.

In essence, this investment underscores Jumbotail’s relentless pursuit of innovation and its unwavering commitment to revolutionizing the food and grocery ecosystem in India.

Ashish Jhina, Co-founder and COO Jumbotail said, “Jumbotail is the fastest, most effective and capital efficient way for brands to access over 100 million urban middle class consumers via the Kirana stores on the Jumbotail platform. 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. We expect to be fully profitable on an operational basis across our entire network before the end of 2024. We are happy to see world class investors doubling down on our mission to transform India’s food and grocery retail ecosystem.”

Since raising its last round of equity funding in Dec 2021, the company has consolidated its market leadership, scaled its footprint across the country, significantly increasing the market reach for its FMCG and staples brand partners while leveraging its economies of scale to accelerate its march towards profitability. The company plans to hire world class teams in deep sourcing, category management, product management, AI/ML, and marketing.

An estimated 12 million kirana stores in India control more than 95% of the country’s $600B+ food and grocery market. Kiranas’ have proven to be a lifeline for Indian consumers, and the economic engine for the country. Technology, supply chain, and fintech solutions from startups like Jumbotail are poised to transform the kirana store ecosystem at an unprecedented pace and scale over the next few years and empower the kirana retailers to help them meet the emerging needs of the next generation Indian consumer.

Latest News

Indian Dairy Association Inaugurates New Office at Rajasthan State Chapter

The Indian Dairy Association (IDA) has inaugurated a new office at its Rajasthan State Chapter. The event was graced...