The debt round follows a $25 million equity round that was concluded in January this year. The company plans to use the funds to expand its operations across the country, fund its working capital requirements, and scale its small, medium enterprises (SME) focused fintech business.
Jumbotail was founded by S.Karthik Venkateswaran, and Jhina, who is a third-generation apple farmer, and a former consultant with BCG with experience in agricultural production and supply chains.
Ankit Agarwal, partner, Alteria Capital said, “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 believe Ashish and Karthik are building Jumbotail as an industry defining company of the decade and we are glad to partner with them in their mission to transform food and grocery retail in India.”
Jumbotail serves over 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.
Its new retail platform transforms kirana stores into modern omni-channel convenience grocery stores under the J24 brand within 24-48 hours, offering kirana retailers a full suite of in-store POS technology and insights, daily fulfillment of products, a business-to-consumer (B2C) online store in addition to omnichannel integrations with hyperlocal platforms.
“Jumbotail’s New Retail platform powering J24 Stores is revolutionary, and their full stack approach is the most cost efficient and scalable way to modernize kirana stores. We have been firm believers in the team and their approach from the very beginning,” said Sameer Brij Verma, MD, Nexus Venture Partners.
This article was first published on livemint.com.