Jumbotail, a B2B retail platform, secures Rs 151 crore funding to target mass market consumers
B2B marketplace and new retail platform Jumbotail has successfully raised Rs 151 crore in equity capital led by Artal Asia, with other investors participating in the round as well. The company plans to invest funds in scaling its go-to-market products and services for emerging brands via its kirana store network.
Jumbotail aims to provide brands with access to over 100 million urban middle-class consumers through kirana stores on its platform. Co-founder and COO, Ashish Jhina, stated, “We expect to be fully profitable on an operational basis across our entire network before the end of 2024.”
The platform is utilizing AI-driven technologies to increase customer wallet share by utilizing its deep sourcing capabilities across FMCG and staples, along with its kirana supply chain. With over 60% market penetration of kiranas, Jumbotail claims to have the highest wallet share and monthly purchase frequency among small and medium kirana stores.
Benjamin Felt, Board Member of Jumbotail and Managing Director of Invus, expressed confidence in the company’s growth, stating, “Jumbotail has continued to demonstrate its differentiation and market leadership in the digital enablement of the kirana ecosystem since Artal’s first investment in 2021.”
With an estimated 12 million kirana stores in India controlling over 95% of the $600 billion food and grocery market, Jumbotail’s position in the industry is strengthened by its total equity raise of $143 million to date, along with $14 million in venture debt from prominent firms Alteria Capital and Innoven Capital.
