B2B e-commerce marketplace for food and grocery products Jumbotail on Tuesday said it has raised USD 85 million (about Rs 643.6 crore) in funding led by Artal Asia Pte Ltd, an affiliate of Invus. Ajax Capital, the family office of veteran FMCG entrepreneur Ajay Gupta, also participated in the Series C round, a statement said.
The round was a combination of primary and secondary investments, with early investors Nexus Venture Partners and Kalaari Capital taking minor part-exits, it added. This takes the total capital raised by the company to USD 125 million, the statement said. Jumbotail will use the funds to triple its engineering, product, design, data science, category management, marketing, and finance teams.
It will also scale its core B2B marketplace to 100 cities and towns across India, expand its network of J24 stores, invest in large scale Kirana entrepreneur skill development initiatives and further strengthen its go-to-market services to support regional and new age FMCG brands, the statement said. ”We nearly quadrupled our scale in 2021 and are looking to further accelerate our growth trajectory in the coming year. We will continue to invest aggressively to make Jumbotail the pre-eminent destination for food and grocery brands to reach the overwhelming majority of India’s consumers through our pan-India network of Kirana partners,” Jumbotail co-founder and COO Ashish Jhina said.
Francis Cukierman, Managing Director, Invus Asia and Benjamin Felt, Managing Director, Invus US will join Jumbotail’s Board of Directors. ”Our evergreen structure enables us to partner for the long term with companies who seek to transform their industries, and we are thrilled to embark on such a partnership with Jumbotail, which is rapidly emerging as an industry-defining company in B2B eCommerce,” Cukierman said. Felt added that Invus shares Jumbotail’s vision of digitising Kirana stores to transform India’s food and grocery retail landscape at scale.
Jumbotail connects nearly 2,000 FMCG and staples brands and sellers to about 1.5 lakh Kirana stores across 38 cities and towns in India via its full-stack e-commerce model.
The company provides direct and indirect employment to over 2,000 people across the country. Jumbotail was founded in November 2015 by S Karthik Venkateswaran and Ashish Jhina.