Jumbotail, an online B2B marketplace and retail platform, has announced that its gross merchandise value (GMV) doubled at ₹2,262 crore in FY23 compared to ₹1,128 crore in FY22.
According to the company, it serves over 2,50,000 Kirana stores across more than 50 major cities and towns, covering 3,600 pin codes.
Jumbotail claimed that one-third of its business has already achieved operational profitability.
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“With the enthusiastic response from over 2,000 national and regional brands and manufacturers listed on our platform, we have broadened our reach and deepened our presence across the nation. Moreover, with 100 per cent of orders coming via our app, and with over 3x higher average buying frequency per kirana per month on our platform compared to other platforms, we are focussing on driving profitability via technology leadership and a successful digital-first approach,” Ashish Jhina, Co-founder and COO of Jumbotail said.
In FY24, it aims to double its net operating revenue, grow its customer base by 65 per cent to 4,00,000 kirana stores, and increase the number of J24 stores to 300 (serving 1 million consumers for their daily grocery needs).
With investments in AI-driven products, the company is planning to achieve operational profitability in the next 12 months.
Jumbotail Logistics operates over 1.2 million square feet of fulfilment centres and distribution centers across 23 major cities, serving over 50 cities and towns within a 150-kilometre radius of each fulfillment center.
In FY23, its logistics arm shipped 1.1 billion units of products, up from 0.49 billion in the previous fiscal year, representing a surge of over 125 per cent in the units shipped.
“We plan to hire top talent in a wide range of functions across category management, product management, marketing, supply chain planning and design, tech, AI/ML, decision science, and UX design to drive our FY24 goals,” Jhina added.