Online wholesale marketplace for food and groceries, Jumbotail has raised Rs 80 crore or $11 million as a part of Series B round led by Heron Rock.
With the fresh infusion, Jumbotail would expand its marketplace into new geographies across India and also scale its J24 store network. The platform is also planning to double down on its private label portfolio and acquire more FMCG brands.
Heron led the round by infusing Rs 21.2 crore, followed by Assure Fund pouring in Rs 26.8 crore, regulatory filings show. Nexus Venture Partners and Sidhi Capital Fund invested Rs 10.95 crore and Rs 8.01 crore respectively.
Assure Fund is a special purpose vehicle or SPV that was used by several backers including to put money in the Bengaluru-based company.
While W250 Ventures and Pimpernel Holdings invested Rs 1.82 crore each, Bhago Mobility and other angel investors have also poured in Rs 9.5 crore collectively in the extended round.
The company has allotted 100 equity shares and 43,514 Series B2 CCPS at an issue price of Rs 18,366.28 per share to raise the total consideration.
Fintrackr’s calculations estimates that the company would be valued at around Rs 630 crore (post-money). This is a 34% jump in the valuation as compared to the Series B1 fundraising. In May last year, Jumbotail had raked in Rs 90 crore from Heron Rock, Capria fund, and BNK Ventures, among others.
Jumbotail connects kirana stores with brands and producers via its marketplace platform. It primarily deals in staples, spices, dry fruits, packaged foods, and FMCG products besides providing technology and fintech solutions.
Post the latest allotment, co-founders Ashish Jhina and S.Karthik Karthik Venkateswaran stakes have been diluted to 31.75% from 36.85%. Nexus stands one of the biggest shareholders in the company holding 27.79% in the company.
Apart from facilitating supply for retailers, the five-year-old Jumbotail also enables traders and manufacturers to sell online via mobile app in Kannada, Malayalam, Hindi and English. The company claims that 30,000 kirana stores avail its one or more services such as warehousing, supply chain, payment and credit solutions.
Jumbotail counts Ninjacart, Shopkirana, StoreKing, Udaan, ShopX and a few others.