Jumbotail, a business to business (B2B) marketplace for food and grocery, has raised $120 million in a fresh funding round led by SC Ventures, the investment arm of Standard Chartered Plc, the company announced on July 30. Existing investors including Artal Asia participated in the round.
While the company did not reveal its valuation, sources had earlier told Moneycontrol that the company was valued at $1 billion. Moneycontrol was first to report about Jumbotail’s $120 million fundraise from SC Ventures and others on March 27 and about the company acquiring Solv, a smaller rival in the space, on February 12.
Before the latest round, the larger entity’s pre-money valuation was around $900 million and after a fresh infsuon of $120 million, the post-money valuation will go just a touch past $1 billion.
Post-money valuation is a company's estimated worth after taking into account the investment amount and adding it to the pre-money valuation.
The fresh valuation is also a significant markup from Jumbotail’s valuation of around $300 million in 2021 and Solv’s valuation of $200 million a few years ago.
"This is a transformative moment in our journey,” said Ashish Jhina, co-founder and COO of Jumbotail. “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."
Interestingly, SC Ventures was an early backer of Solv and has now returned to back Jumbotail, underscoring its belief in the B2B space.
“This integration represents a leap forward in our shared mission to empower MSMEs through technology and financial inclusion, which is a core theme for SC Ventures. Jumbotail and Solv now form a platform committed to responsible innovation with real impact for India’s entrepreneurs,” Gautam Jain, Member, SC Ventures, also a board member of Jumbotail, said.
The company will accelerate hiring of top talent across functions including category
management, product management, decision science, AI/ML, marketing, supply chain, and
finance, it said in its press release.
Jumbotail is largely seen as a vertical B2B e-commerce company that dabbles in grocery and related products but by bringing Solv under its fold, it will strengthen operations in areas such as credit to small and medium enterprises (SMEs).
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