Jumbotail, the retail and B2B e-commerce marketplace for food and grocery products, has raised $85 million in a Series C round from Artal Asia Pte Ltd, an affiliate of Invus.

Ajax Capital, the family office of FMCG entrepreneur Ajay Gupta, also participated. This Series C round was a combination of primary and secondary investments, with early investors Nexus Venture Partners and Kalaari Capital taking minor part-exits in the secondary. This takes the total capital raised by the company to $125 million.

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Jumbotail was founded in November 2015 by Stanford classmates S Karthik Venkateswaran and Ashish Jhina.

Jhina, 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.”

Francis Cukierman, Managing Director, Invus Asia, and Benjamin Felt, Managing Director, Invus US, will join Jumbotail’s board of directors. Cukierman and Felt said in a statement, “We share Ashish and Karthik’s vision of digitising kirana stores to transform India’s food and grocery retail landscape at scale.”

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Jumbotail connects nearly 2,000 FMCG and staples brands and sellers to about 1.5 lakh kirana stores across 38 cities and towns in India. Jumbotail’s new retail platform transforms kirana stores into omni-channel convenience grocery stores under the J24 brand within 24-48 hours — offering kirana retailers a full suite of retail operating systems for digitising in-store operations with point-of-sale (POS), inventory management, real-time data and merchandising insights, daily fulfilment of thousands of products, a B2C online store as well as loyalty and digital marketing solutions. The company provides direct and indirect employment to over 2,000 people.

Jumbotail will use the funds to triple its engineering, product, design, data science, category management, marketing, and finance teams. It will also scale its core B2B marketplace to 100 cities and towns across India, expand its network of J24 stores, invest in large-scale kirana entrepreneur skill development initiatives, and strengthen its go-to-market services to support regional and new-age FMCG brands.

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