Online wholesale marketplace for food and groceries, Jumbotail has raised Rs 90 crore in its Series B round led by Heron Rock. The round also saw participation from Capria Fund, BNK Ventures and William Jarvis and existing investors – Nexus Venture Partners and Kalaari Capital.
About two years ago, the Bengaluru-based B2B firm had raised $8.5 million in series A round led by Kalaari and Nexus.
Jumbotail will utilise the funds to improve supply chain, forward integration of the Jumbotail platform with PoS, integrating backward to farmers, on-boarding new FMCG brands and expanding its team.
Jumbotail connects tens of thousands of kirana stores with brands and producers via its marketplace platform by building an efficient supply chain for ordering staples, spices, dry fruits, packaged foods, and FMCG products besides providing technology and fintech solutions.
It also allows traders, manufacturers and brands in tier I, tier II and tier III cities to sell their products through mobile app available in Kannada, Malayalam, Hindi and English, for ease of use by the store owners.
Food and grocery is a rapidly growing $300 billion market in India and Jumbotail would be looking to tap the market by leveraging millions of unexplored kirana stores through their tech-enabled platform.
Jumbotail competes directly or in some category with Shopkirana, StoreKing, Udaan, ShopX and PepperTap’s CEO new venture GramFactory.
Of late, the fastest B2B unicorn Udaan had secured a Non-Banking Financial Company (NBFC) license that will allow it to disburse loans to its retailers and sellers. It will help retailers who find it difficult to connect with large manufacturers, logistics reach and cash flow credits.