B2B marketplace and new retail platform Jumbotail raises ₹151 crore in equity round led by Artal Asia

B2B marketplace and new retail platform for food and grocery Jumbotail has raised ₹151 crore equity capital in a Series C3 equity funding round led by Artal Asia Pte Ltd Heron Rock, Sabre Investment, Arkam Ventures, Jarvis Reserve Fund, Reaction Global, VII Ventures and others also participated in the round.

The company plans to invest funds in scaling its suite of GTM (go-to-market) products and services for new and emerging brands to reach mass market consumers via Jumbotail’s nationwide kirana store network.

“Jumbotail is the fastest, most effective and capital-efficient way for brands to access over 100 million urban middle-class consumers via the Kirana stores on the Jumbotail platform. 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, Co-founder and COO Jumbotail.

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Strong focus

The company is building AI-driven technologies to drive higher customer wallet share. The firm is leveraging its deep sourcing capabilities across FMCG and staples and its kirana supply chain.

“We are excited to see Jumbotail execute sustainable growth at scale, with a strong focus on profitability and capital efficiency,” said Benjamin Felt, Board Member of Jumbotail and Managing Director of Invus, the global advisor of Artal.

An estimated 12 million kirana stores in India control more than 95 per cent of the country’s $600 billion food and grocery market. Jumbotail claimed that it can influence the entire demand funnel. This includes creating kirana awareness of their products to purchase and restocking to drive consumer awareness via kirana stores. With over 60 per cent of market penetration of kiranas in the cities it serves, Jumbotail has the highest wallet share and monthly purchase frequency of small and medium kirana stores in the industry.

The company plans to hire across teams in deep sourcing, category management, product management, AI/ML and marketing.

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