Bangalore-based Wholesale Marketplace Jumbotail raises $12.9 Million in Series B Funding
Jumbotail has raised $12.9 million (INR 90 crore) in a Series B round
Jumbotail will be using the recent funding in artificial intelligence
Jumbotail has around 20,00 kirana and small stores in Bangalore
Bangalore-based grocery startup Jumbotail has raised $12.9 million (INR 90 crore) in a Series B round. This round of funding was led by Heron Rock, other participants were Capria Fund, BNK Ventures, and William Jarvis. Current investors, Kalaari Capital and Nexus Venture Partners were also part of this round of funding.
Jumbotail will be using the recent funding in artificial intelligence (AI) driven operational excellence in the supply chain. The online grocery marketplace will also be utilising this investment to onboard a new FMCG brand, enlarge its team, amalgamate backwards to farmers and also forward its amalgamation to the Jumbotail platform PoS.
Jumbotail has around 20,00 kirana and small stores in Bangalore under its marketing portal. It sources and sells products like staples, pulses and other FMCG goods as well IT has a mobile application to place order online and also provide payments and credit solutions to store owners.
Sameer Brij Verma, Managing Director, Nexus Venture said, “Jumbotail’s all-exclusive proposal to modernising usual deal through the advanced tech-driven supply chain, data-driven promotion and credit is the most ascendible route to transform India’s home goods retail. The firm is well set to strengthen the online-to-offline new retail rises in the country in the following years.”
Jumbotail was launched by Standford MBA alumni S. Karthik Venkateshwaran and Ashish Jhina in November 2015. Jumbotails joins tens of thousands of Kirana stores with big brands and producers through its marketplace portal. Its mobile application assists Kirana stores function utilising technology.
The online grocery platform had raised $8.5 million (INR 59 crore) in Series A funding from Kalaari Capital and Nexus Venture Partners, in July 2017.
“We have set up a great crew of promoters persistently focused on resolving complex issues in unorganised food and grocery value chain, using first principles thinking. We are the companion of the Kirana shop owners, and we believe firmly transformative solutions to these issues need an all-inclusive of approach. Our technology and supply chain operational abilities will assist modernise conventional Kirana stores at scale, in a very capital efficient manner,” says S. Karthik.
“Food and grocery is a quickly cultivating a $300 billion-plus market in India which will be serviced mostly by the Kirana stores for the predictable future. Making value for millions of Kirana stores, and their ecosystem of brands and consumers is one of the big complexity to resolve, and we trust Jumbotail has the right crew to do this.” says Rajesh Raju, Managing Director, Kalaari Capital.
There are around 12 million Kirana stores in the country, controlling more than 95 per cent of the $350 billion food and grocery sector. Jumbotail is one of the numerous startups in the business-to-business (B2B) wholesale supply sector focused on Kirana stores and other stores. Other such as ShopKirana and Udaan are also making systems for effortless access to wholesale acquisition for small stores. Big brands such as Reliance Jio, Amazon and Walmart are also running in the competition with each startup to supply wholesale inventory to Kirana store owners.
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