Bengaluru-based B2B marketplace startup Jumbotail has raised Rs 75 crore in debt from venture debt fund Alteria Capital and Innoven Capital.
The startup plans to use the funds for building deep sourcing capabilities and AI-driven technologies to drive higher customer wallet share and grow their net revenues by 100% and achieve operational profitability in the next 12 months.
Founded by S. Karthik Venkateswaran and Ashish Jhina, Jumbotail said it offers a suite of Go-To-Market services for brands looking to reach the kirana market to shape both retailer demand and consumer demand. Currently, Jumbotail has nearly 60% of penetration of the addressable market of kirana stores in more than 50 cities.
Additionally, It aims to expand its current retailer base of 250,000+ retailers across 50+ cities to about 400,000 retailers and reach over 80% of penetration of the addressable market.
Ashish Jhina, Co-founder & COO of Jumbotail, said, “Jumbotail’s pan-India B2B ecommerce platform is the fastest, most effective and capital efficient way for brands to access 250,000+ small and medium Kirana stores across 50+ cities and 100+ next generation J24 convenience stores, that serve over 100 million urban middle class consumers. We will strengthen our leadership position by going deeper into our existing markets and expect to hit full operational profitability across our entire network in the next 12 months. We are thrilled to see world class venture debt firm Alteria Capital leading this round syndicate. We welcome onboard Innoven on our mission to transform India’s food and grocery retail ecosystem.”
Commenting on the investment, Ankit Agrawal, Managing Partner of Alteria Capital, said, “We have witnessed Jumbotail execute sustainable growth at scale, with a strong focus on profitability and capital efficiency. We are more than confident that Jumbotail will emerge as the clear market leader in the $500B kirana b2b food and grocery market. We are thrilled to double down our support to Jumbotail’s mission to transform the food and grocery retail value chain in India.”
Jumbotail other offerings include kirana stores tech-driven warehousing, last-mile delivery supply chain network, its fintech platform for payment, credit solutions and financial services.
Source @Indianstartupnews
