Jumbotail, a pioneer food and grocery B2B marketplace from Bengaluru, raised INR 80 crores ($11M) as a part of its Series B funding. The major investors in this round include Heron Rock. JumboFund, Nexus Venture Partners, Siddhi Capital, Reaction Fund, Pimpernel Holdings were the other investors who contributed to this round.
Jumbotail aims to improve its presence in different locations across the country and also improve the footprint of J24 stores in India. In hindsight, Jumbotail will promote it’s house labeled products and plans to acquire several other brands in the food and consumer space.
Jumbotail was founded in November 2015, and it serves close to 30K+ Kirana stores through its B2B marketplace apart from providing warehousing, last-mile deliveries, payment, and credit solutions for the shop owners. Jumbotail focuses on the J24 brand of omnichannel grocery stores, which transforms the conventional Kirana stores in 48 hours. It empowers Kirana stores with a comprehensive suite that assures in store platform, B2C online store, and integrations with Dunzo and Swiggy.
Heron was the leading investor in this round with a contribution of INR 21.2 crores, Assure fund contributed INR 26.8 crores, Nexus Venture shelled out INR 10.95 crores, and Sidhi Capital Fund invested INR 8 crores. Jumbotail has given 100 shares and for Rs 18,366.28 per share for the Series B2 round. Jumbotail’s last round included INR 90 crore fund from Heron Rock, Capria fund, and BNK Ventures.
Co-founders Ashish Jhina and S.Karthik Venkateswaran’s current ownership is reduced to 31.75% following the current round. Nexus is the second largest stakeholder with 27.8% of Jumbotail. Jumbotail competes against Ninjacart, Shopkirana, StoreKing, Udaan, ShopX in the B2B marketplace business for food and grocery.