Merger and Acquisition

Jumbotail Acquires Solv India in a Landmark Deal to Form a Leading B2B Ecommerce Powerhouse

• ByStartupStory     |    March 27, 2025

In a significant move towards consolidation in the B2B ecommerce sector, Jumbotail has announced the acquisition of rival marketplace Solv India for an undisclosed amount. The deal, backed by Standard Chartered Bank’s venture capital arm SC Ventures, is subject to regulatory approvals.

While the companies have not disclosed the financial details, recent reports suggest that the acquisition is valued at approximately $50 million in a mix of cash and equity.

The combined entity will be spearheaded by Jumbotail’s cofounders, Karthik Venkateswaran and Ashish Jhina, while Gautam Jain, SC Ventures’ operating member and chairman of Solv India’s board, will join Jumbotail’s board of directors.

The acquisition is expected to create one of India’s largest horizontal multi-category B2B ecommerce platforms, combining the strengths of both companies. Jumbotail aims to leverage Solv India’s capabilities in apparel, home furnishing, footwear, and toys to expand its product offerings beyond groceries and food.

Gautam Jain highlighted the transformative potential of the deal, stating,

“The acquisition of Solv India by Jumbotail will create a significant horizontal multi-category B2B ecommerce platform in India with the potential to transform the lives of hundreds of millions of Indians.”

Founded in 2015 by Venkateswaran and Jhina, Jumbotail offers a suite of go-to-market products and services to connect emerging brands with mom-and-pop stores. The platform caters primarily to wholesale buyers in the grocery and food segment and serves over 50,000 kirana stores across India.

Jumbotail raised INR 151 Cr (~$18.3 Mn) in its Series C3 funding round last year, led by Artal Asia, bringing its total funding to over $165 Mn. Its investors include Heron Rock, Sabre Investment, Arkam Ventures, and Jarvis Reserve Fund, among others.

Financially, Jumbotail reported a net loss of INR 264.16 Cr in FY23, more than doubling from INR 124.74 Cr in FY22. However, its revenue from operations surged 117% to INR 819 Cr, up from INR 377.36 Cr in FY22.

Founded in 2019, Solv India is a fully owned subsidiary of the Standard Chartered Group. It operates as a B2B ecommerce marketplace, helping retailers source products directly from suppliers while offering credit to small enterprises.

As per Tofler, Solv India’s registered entity, Standard Chartered Research & Technology India Pvt Ltd, reported a 40.44% increase in net loss to INR 375 Cr in FY24, up from INR 267 Cr in the previous fiscal year.

The acquisition is expected to strengthen Jumbotail’s market position by expanding its product categories and enhancing its supply chain capabilities. By integrating Solv India’s technology, supplier network, and financial services, Jumbotail aims to create a seamless ecommerce ecosystem for small and medium enterprises (SMEs) across India.

The deal marks a major step towards B2B marketplace consolidation, enabling Jumbotail to provide a broader range of products, better credit solutions, and enhanced service offerings to its growing base of retailers.

With this acquisition, Jumbotail is poised to accelerate its geographic expansion and category diversification, aiming to cater to a larger share of India’s massive B2B market. Industry experts believe the deal could pave the way for further consolidation in the sector, fostering greater competition and innovation.

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