B2B marketplace Jumbotail has raised $120 million in a funding round led by SC Ventures, the investment arm of Standard Chartered. Existing investor Artal Asia also participated in the round, taking the company’s total fundraise to $263 million.
Jumbotail declined to comment on its valuation. It was valued at $285 million as of March 2024, according to Tracxn. The Bengaluru-based company has simultaneously completed its acquisition of Solv India, a B2B commerce platform incubated by SC Ventures. The combined entity now serves over 500,000 small retailers across 400+ cities in categories such as food and grocery, apparel, home furnishing, toys, footwear, and consumer electronics.
Gautam Jain from SC Ventures will join Jumbotail’s board of directors as part of the transaction. “This integration represents a leap forward in our shared mission to empower MSMEs through technology and financial inclusion,” Jain said. Jumbotail operates a digital marketplace offering logistics, working capital financing, and technology solutions for small retailers.
The platform allows kiranas and small businesses to digitise operations and access credit.“Together with Solv, we now help thousands of brands and MSME sellers reach over 500,000 small retailers across more than 400 cities and towns in India,” said Ashish Jhina, co-founder and chief operating officer of Jumbotail.
The company plans to use the funding to develop AI-based solutions and expand its technology capabilities. It will also accelerate hiring across category management, product development, data science, marketing, supply chain, and finance functions.
S Karthik Venkateswaran, co-founder and chief executive of Jumbotail, said the combined entity has a clear path to profitability. The company aims to help brands scale nationally through its e-commerce platforms and marketing solutions.
Founded in 2015 by Venkateswaran and Jhina, Jumbotail operates digital marketplace services, logistics networks, fintech products, and retail technology solutions for small retailers.
Solv operates across 400-plus cities and provides commerce and financial services to small and medium enterprises, particularly in apparel, footwear, toys, and consumer electronics categories. It offers working capital solutions to brands for their distribution networks.