B2B Marketplace Jumbotail Secures Rs 151 Crore in Series C3 Funding Led by Artal Asia

• ByStartupStory     |    March 18, 2024

Bengaluru-based B2B marketplace and retail platform, Jumbotail, has successfully raised Rs 151 crore ($18.2 million) in a Series C3 equity funding round. The funding was spearheaded by Singapore-based venture capital firm, Artal Asia, with participation from Heron Rock, Sabre Investment, Arkham Ventures, Jarvis Reserve Fund, Reaction Global, and VII Ventures.

According to a statement released by the company, the infusion of capital will be utilized to expand Jumbotail’s array of go-to-market products and to facilitate new and emerging brands in reaching wider audiences through its extensive network of kirana stores across the nation.

Established in 2015 by S Karthik Venkateswaran and Ashish Jhina, Jumbotail offers a comprehensive B2B marketplace platform, tech-driven warehousing solutions, and a last-mile delivery supply chain network tailored for small and medium enterprises. Additionally, the company provides next-day storefront deliveries to kirana stores and offers a fintech platform for payment, credit solutions, and financial services aimed at kirana store owners.

In its latest move, Jumbotail is focusing on developing artificial intelligence-driven technologies to enhance customer wallet share across FMCG, staples, and kirana supply.

The firm boasts a remarkable 60% penetration rate in kirana stores within the cities it operates, coupled with the highest wallet share and monthly purchase frequency among small and medium kirana stores in the industry. Notably, almost 100% of Jumbotail’s sales stem from unassisted digital orders placed organically by kirana stores nationwide via the Jumbotail B2B digital retailer app.

To date, Jumbotail has raised a total of $143 million in equity fundraising from prominent investors including Artal, Heron Rock, Nexus Ventures, Kalaari Capital, Jumbo Fund, and Arkam Ventures, in addition to securing approximately $14 million in venture debt from leading venture debt firms Alteria Capital and Innoven Capital.

“We are excited to see Jumbotail execute sustainable growth at scale, with a strong focus on profitability and capital efficiency. Since Artal’s first investment in Jumbotail in 2021, Jumbotail has continued to demonstrate its differentiation and market leadership in the digital enablement of the kirana ecosystem,” stated Benjamin Felt, Board Member of Jumbotail and Managing Director of Invus, the global advisor of Artal.

In the fiscal year 2023, Jumbotail reported a loss of Rs 264 crore, nearly doubling from Rs 124.7 crore in the previous year. However, its revenue from operations witnessed a significant surge, reaching Rs 819 crore, reflecting a substantial 117% increase from the previous year’s Rs 377 crore.

Follow Startup Story