SUMMARY
The company said that the funding will be used in scaling its suite of GTM (Go-To-Market) products and services for new and emerging brands to reach mass market consumers via the nationwide kirana store network
The startup is working on the development of an AI-driven technology platform to drive higher customer wallet share by leveraging its deep sourcing capabilities across FMCG and staples and its industry leading kirana supply chain
According to Jumbotail, 100% of its sales are generated by unassisted digital orders placed organically by kirana stores across the country via Jumbotail B2B digital retailer app
B2B marketplace and retail platform Jumbotail has secured INR 151 Cr (around $18.3 Mn) in a Series C3 funding round led by Artal Asia.
The round also saw participation from Heron Rock, Sabre Investment, Arkam Ventures, Jarvis Reserve Fund, Reaction Global and VII Ventures among others.
Jumbotail will use the fresh funding in scaling its suite of GTM (go-to-market) products and services for new and emerging brands to reach mass market consumers via the nationwide kirana store network.
“We will strengthen our leadership position by going deeper into our existing markets and by helping brands reach kiranas with the lowest total cost of activation and the fastest route to market in the sector. We expect to be fully profitable on an operational basis across our entire network before the end of 2024,” said Ashish Jhina cofounder and COO, Jumbotail.
Founded by S Karthik Venkateswaran and Ashish Jhina in 2015, Jumbotail claims to offer a complete suite of go-to-market services for brands looking to reach the kirana market to shape both retailer and consumer demand. It runs an online B2B marketplace for groceries and food, which primarily caters to wholesale buyers.
The startup is working on the development of an AI-driven technology platform to drive higher customer wallet share by leveraging its deep sourcing capabilities across FMCG and staples and its industry leading kirana supply chain.
According to Jumbotail, 100% of its sales are generated by unassisted digital orders placed organically by kirana stores across the country via Jumbotail B2B digital retailer app.
Last year, in March, the company secured a debt funding of INR 75 Cr from Alteria Capital and Innoven Capital. Back then, it said that the funding would be deployed across boosting its deep sourcing capabilities and AI-driven technologies to drive higher customer wallet share to grow its net revenue by 100% and achieve operational profitability in the next 12 months.
In FY23, Jumbotail reported a 112% surge in loss to INR 264.16 Cr INR 124.74 Cr in the previous fiscal year.
