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Last Updated : Oct 26, 2020 01:39 PM IST | Source: PTI

Jumbotail raises $11 million in funding from Heron Rock, Nexus Venture, others

The series B2 round also saw participation from Jumbofund, Nexus Venture Partners, Siddhi Capital, Reaction Fund, Pimpernel Holdings and a group of HNIs as well as industry leaders, a statement said.

PTI

Jumbotail, a B2B marketplace for food and grocery products, on Monday said it has closed USD 11 million (about Rs 81.2 crore) funding round led by Heron Rock.

The series B2 round also saw participation from Jumbofund, Nexus Venture Partners, Siddhi Capital, Reaction Fund, Pimpernel Holdings and a group of HNIs as well as industry leaders, a statement said.

"Jumbotail will use the funds to scale its core B2B marketplace to new geographies across India, expand its network of J24 stores, grow its private label product portfolio and to extend its Go-To-Market services to more FMCG brands seeking entry into Kirana stores and standalone supermarkets across the country," it added.

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Jumbotail serves 30,000 Kirana stores via its full-stack e-commerce model consisting of its B2B marketplace platform, warehousing and last-mile delivery supply chain network, and a fintech platform for payment as well as credit solutions to Kirana store owners.

Jumbotail''s new retail platform transforms Kirana stores into modern omni-channel convenience grocery stores under the ''J24'' brand. Jumbotail was founded by S Karthik Venkateswaran and Ashish Jhina.

"Our J24 store network is emerging as the ecosystem of choice for Kirana store owners looking to seamlessly transform their Kiranas into modern grocery stores, and to compete better in an increasingly technology-driven retail world," Jumbotail co-founder Ashish Jhina said.
First Published on Oct 26, 2020 01:40 pm
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