Jumbotail, a online wholesale platform for grocery & vegetable products and new age retail platform, announced on Tuesday that it has raised $85 Mn in a Series C round. Artal Asia Pte Ltd, a company affiliated to U.S. based Invus Group, spearheaded the funding round. Ajax Capital, the family office of the veteran FMGC entrepreneur Ajay Gupta, also took part in the funding round.
The company did not comment about the valuation it commanded in the latest round.
The series C round had a secondary component, with early investors Nexus Venture Partners and Kalaari Capital making partial exit. The company did not disclose any details about the ROI or profit that both VC firms have made through this partial exit. According to VCCEdge, Kalaari held a 12.97% and Nexus Venture held a 26.56% stake in the Bengaluru based company.
Following the latest funding round, the company’s total fund raising amount has now reached to $125 Mn.
Commenting on the Series C round, Ashish Jhina, Co-founder & COO, Jumbotail, said, “We nearly quadrupled our scale in 2021 and are looking to further accelerate our growth trajectory in the coming year. We will continue to invest aggressively to make Jumbotail the pre-eminent destination for food and grocery brands to reach the overwhelming majority of India’s consumers through our pan-India network of kirana partners.”
Jumbotail was founded in 2015 by S.Karthik Venkateswaran and Ashish Jhina, both of whom were Stanford classmates. The six year old firm essentially operates a marketplace platform that connects thousands of mom & pop grocery retailers with brand and staple manufactures. The company further streamlines this retail and manufacturing networking through logistics and supply solution.
Additionally, it helps in digitizing the mom and pop stores by providing POS and other solutions to the kirana stores.
