Jumbotail, an online wholesale marketplace for food and grocery products, has raised Rs 90 crore in a Series B round of funding led by Heron Rock, with participation from Capria Fund, BNK Ventures and William Jarvis and existing investors, Nexus Venture Partners and Kalaari Capital.
Founded by S.Karthik Venkateswaran, and Ashish Jhina, Jumbotail connects tens of thousands of kirana stores with brands and producers via its marketplace platform. With its mobile ordering app, fully integrated supply chain network along with payment and credit solutions, it helps kirana stores run their business efficiently and compete better in an increasingly technology driven world.
“We have achieved market leadership through our single-minded focus on the kirana store. We are levelling the playing field for millions of kirana stores by plugging them into our platform and helping them compete better in an increasingly technology-driven retail world. We have built supply chain and delivery capabilities to serve kirana stores at large scale with the widest selection of staples and FMCG products. The top FMCG brands and staples producers in the country work directly with Jumbotail as we provide them with capabilities that none of their other channels offer,” Ashish Jhina said in a statement.
It will use the funds to invest in AI-driven operational excellence in supply chain, forward integration of the Jumbotail platform with PoS, integrating backward to farmers, on-boarding new FMCG brands and expanding its team.
“We believe that Jumbotail is best positioned to modernize India’s food and grocery industry all the while strengthening and securing India’s food supply chain, and providing more stability to Indian farmers. We are proud to partner with Jumbotail on this mission,” Tom Williams, General Partner of Heron Rock, an omni-stage venture fund with offices in Toronto and San Francisco says.
Sameer Brij Verma, Managing Director, Nexus Venture Partners, adds, “Jumbotail's full-stack approach to modernize general trade via cutting edge tech driven supply chain, data-driven merchandising and credit is the most scalable way to revolutionise India's grocery retail. The company is well positioned to power the online-to-offline new retail rollouts in the country in the coming years. We have been firm believers in the team and their approach from the very beginning”.