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Jumbotail, a food, and grocery retail platform and B2B marketplace, has secured Rs. 35 crore ($4.8 million) in a loan round from Alteria Capital. The money will be utilized to expand the business across the country. Ashish Jhina and S Karthik Venkateswaran, Stanford MBA classmates, started the company. The company claims that its new retail technology turns kiranas into modern omnichannel convenience food outlets under the J24 brand in as little as 24-48 hours.
Jumbotail, a retail platform and B2B marketplace for food and grocery products has raised Rs. 35 crore ($4.8 million) in a debt round from Alteria Capital. The company concluded a $25 million equity round in January 2021.
According to the company, the fund will be used to extend the company’s operations across the country, cover working capital needs, and build its SME-focused fintech business.
Jumbotail claims to serve 50,000+ kirana stores through its full-stack eCommerce model, which includes a B2B marketplace platform, a warehousing, a last-mile delivery supply chain network, and a fintech platform payment and credit solutions to kirana store owners. It was founded by Stanford MBA classmates S Karthik Venkateswaran and Ashish Jhina.
Within 24-48 hours, the business claims, its new retail technology converts kirana businesses into new omnichannel convenience food stores under the J24 brand. In addition to omnichannel interfaces with hyperlocal platforms, the platform provides kirana merchants with a comprehensive suite of in-store POS technology and insights, daily fulfillment of hundreds of goods, a B2C online shop, and loyalty systems to better connect stores to their customers.
We are seeing rapid adoption of our platform and services from retailers and brands across all geographies. Our J24 store network is growing fast, and many FMCG brands are signing up for our go-to-market suite of services to get national reach. We are looking to bring in more top talent across the entire company to power this explosive growth.Ashish Jhina., the co-founder of Jumbotail
Jumbotail is emerging as a market leader in the $500 billion+ B2B grocery market, driven by scalable tech platforms, full-stack logistics, and supply chain network, and fintech and SME lending solutions. We believe Ashish and Karthik are building Jumbotail as an industry-defining company of the decade, and we are glad to partner with them in their mission to transform food and grocery retail in India.Ankit Agarwal, partner at Alteria Capital