News Update
Jumbotail Reports Significant Revenue Growth in FY22 Despite Increased Losses
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ByStartupStory | May 22, 2023
Jumbotail, the retail platform and food and grocery B2B marketplace, witnessed a significant growth in consolidated operating revenue in FY22, reaching Rs 377.04 crore compared to Rs 123.17 crore in FY21. However, the company experienced a substantial increase in losses, rising by 177% to Rs 121.78 crore (from Rs 43.90 crore in FY21) due to higher expenses.
As per the annual financial statement submitted to the Registrar of Companies, Jumbotail reported a total expense of Rs 521.02 crore in FY22, marking a substantial increase from Rs 171.43 crore in the preceding year. The largest cost component for the company was purchases of stock-in-trade, which surged by 250% to Rs 353 crore in FY22, up from Rs 101 crore in FY21.
Jumbotail is a foodtech platform that offers comprehensive services to kirana stores, encompassing storefront delivery, payment collection, and more. Additionally, the platform provides customers with fintech solutions, including payment options and access to working capital credit from external credit providers. These services utilize transactional data and proprietary algorithms to deliver efficient solutions.
In March of this year, Jumbotail secured Rs 75 crore in a venture debt funding round led by Alteria Capital and Innoven Capital. To date, the company has successfully raised $125 million in equity funding from renowned funds, including Heron Rock Fund, Kalaari Capital, and Nexus Venture Partners. Jumbotail was co-founded by S Karthik Venkateswaran, a former Indian Army veteran, and his fellow Stanford classmate Ashish Jhina.
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