[Funding Alert] Jumbotail Raises $11Mn In Series B2 Funding Round Led By Heron Rock
The Bengaluru-based platform that serves 30,000 kirana stores will use the funds to scale its core B2B marketplace to new geographies
B2B marketplace platform Jumbotail on Monday announced that it has raised $11 million in Series B2 funding round led by Heron Rock, with participation from Jumbofund, Nexus Venture Partners, Siddhi Capital, Reaction Fund, and Pimpernel Holdings.
The Bangaluru-based platform will use the funds to scale its core B2B marketplace to new geographies across India, expand its network of J24 stores, and grow its private label product portfolio, and to extend its go-to-market services to more FMCG (fast-moving consumer goods) brands seeking entry into kirana stores and standalone supermarkets across the country.
The startup serves 30,000 kirana stores through its stack e-commerce model consisting of its B2B marketplace platform, a warehousing and last-mile delivery supply chain network, and a fintech platform for payment and credit solutions to kirana store owners.
“We have built a very capital efficient and operationally profitable business by focusing on solving problems for kiranas. We enjoy tremendous goodwill from our kirana customers on the back of our best-in-class convenience and service, which remained uninterrupted even during the COVID lockdowns,” said Jumbotail co-founder Ashish Jhina. “Our J24 store network is emerging as the ecosystem of choice for kirana store owners looking to seamlessly transform their kiranas into modern grocery stores, and to compete better in an increasingly technology-driven retail world.”
Stanford graduate S. Karthik Venkateswaran founded Jumbotail with his fellow mate, Ashish Jhina. The platform transforms kirana stores into modern omni-channel convenience grocery stores under the J24 brand within a day or two.
“Jumbotail has displayed tremendous grit and resilience in the face of unprecedented odds and continued to execute at a level of excellence that is rarely seen. We are doubling down on our investment in Jumbotail as we believe they are best positioned to transform food & grocery retail in India”, added Tom Williams, General Partner of Heron Rock, an omni-stage venture fund with offices in Toronto and San Francisco.
The startup offers kirana retailers a full suite of in-store technology and insights, daily fulfillment of thousands of products, a B2C online store as well as loyalty solutions to better connect retailers to their consumers, in addition to integrations with hyper-local platforms such as Dunzo and Swiggy.
“Jumbotail’s New Retail platform powering J24 Stores is revolutionary, and their full-stack approach is likely 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,” Nexus Venture Partners managing director Sameer Brij Verma, added.
An estimated 12 million kirana stores in India control more than 95 per cent of the country’s $450 billion food and grocery market.