[Funding] Jumbotail raises $14.2M in Series B3 Round led by VII Ventures and others

Jumbotail is one of India’s leading New Retail platform and B2B marketplace for food and grocery products. The startup has completed its $25M fund raise with a $14.2M Series B3 round of funding led by VII Ventures. Othe investors including Nutresa, Veronorte, Jumbofund, Klinkert Investment Trust, Peter Crosby Trust, Nexus Venture Partners, Discovery Ventures, and a group of HNIs and industry leaders also participated in the round. This round comes in quick succession after a $11M Series B2 round raised in October 2020. Thus, it brings the company's total fundraising to $54mn.

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

From the leaders

Ashish Jhina, Co-founder, Jumbotail, said, “Jumbotail is at an inflection point in its growth trajectory. We are seeing tremendous interest from investors across the globe. They are drawn to our highly scalable and operationally profitable business model, built on the industry's best technology and customer NPS. Further, we will use this capital to scale the business to new regions, to double down on our J24 store network. We also aim to launch services to help FMCG brands go to market exponentially faster and at the lowest cost. We are looking to bring in more top talent across the entire company to power this explosive growth.”

Chadi Hajjar, MD of VII Ventures, commented, “Akash and Karthik share our vision of disrupting the status quo. We admire their fighting spirit and determination to digitalise the grocery supply chain and retail landscape in India. Jumbotail has all the ingredients for success, and we are keen to help them move forward in this next step of their journey.”

Sameer Brij Verma, MD, Nexus Venture Partners, adds, “Jumbotail’s New Retail platform powers J24 Stores which is revolutionary. Their full stack approach is the most cost efficient and scalable way to modernize kirana stores. We have been firm believers in the team and their approach from the very beginning”.