Jumbotail, a Bengaluru-based retail platform and B2B marketplace for food and grocery products, has closed $11 million Series B2 funding round led by Heron Rock, with participation from JumboFund, Nexus Venture Partners, Siddhi Capital, Reaction Fund, Pimpernel Holdings, and a group of HNIs and industry leaders.
Founded in November 2015, Jumbotail serves 30,000 kirana stores via its full stack ecommerce model consisting of its B2B marketplace platform, a warehousing and last-mile delivery supply chain network, and a fintech platform for payment and credit solutions to kirana store owners.
Jumbotail’s new retail platform transforms kirana stores into modern omni-channel convenience grocery stores under the J24 brand within 24-48 hours. It is offering kirana retailers a full suite of in-store technology and insights, daily fulfillment of thousands of products, a B2C online store as well as loyalty solutions to better connect retailers to their consumers, in addition to omnichannel integrations with hyperlocal platforms such as Dunzo and Swiggy.
S Karthik Venkateswaran (R) with Co-founder Ashish Jhina (L)
Jumbotail said it will use the funds 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.
Jumbotail was founded by S Karthik Venkateswaran and Ashish Jhina. Karthik served with the Indian army in hard combat and is a marketplace product veteran from eBay-US and Flipkart. Ashish Jhina is a third generation apple farmer, and a former consultant with BCG, with deep experience in agricultural production and supply chains.
“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.
According to the startup, an estimated 12 million kirana stores in India control more than 95 percent of the country’s $450 billion food and grocery market. 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.
“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,” added Tom Williams, General Partner of Heron Rock, an omni-stage venture fund with offices in Toronto and San Francisco.
Edited by Megha Reddy
Link : https://yourstory.com/2020/10/funding-alert-retail-b2b-food-grocery-jumbotail-series-b2-round-heron-rock
Author :- Sujata Sangwan ( )
October 26, 2020 at 10:33AM
YourStory