Jumbotail, a business-to-business (B2B) marketplace for food and grocery, has raised ₹35 crore from venture debt provider Alteria Capital.
In January, the company had secured $25 million in an equity round. It plans to use the funds to expand its operations across India, fund its working capital requirements and scale the fintech business focused on small and medium enterprises (SMEs).
“Covid has accelerated the digital transformation of the food and FMCG sector and it is evident to all players that digital marketplaces are indispensable for continued growth. We are seeing rapid adoption of our platform and services from retailers and brands across all geographies,” said Ashish Jhina, co-founder, Jumbotail.
“Our J24 store network is growing fast and a large number of FMCG brands are signing up for our go-to-market suite of services to get national reach. We are looking to bring in more top talents across the entire company to power this explosive growth,” he added.
Jumbotail was founded by S. Karthik Venkateswaran and Jhina, who is a third-generation apple farmer and a former consultant with BCG.
“Jumbotail is emerging as a market leader in the $500 billion B2B grocery market, driven by scalable tech platforms, full-stack logistics and supply chain network, and fintech and SME lending solutions. We are glad to partner with them to transform food and grocery retail in India,” said Ankit Agarwal, partner, Alteria Capital.
Jumbotail supports 50,000 kirana stores via its full-stack e-commerce model consisting of its B2B marketplace platform, warehousing and last-mile delivery supply chain network, and a fintech platform for payment and credit solutions for kirana store owners.
