Jumbotail, a B2B e-commerce marketplace for food and grocery products, announced it has raised $14.2 million in fresh funding led by VII Ventures, bringing to a close the company’s $44 million Series B round.
Nutresa, Veronorte, Jumbofund, Klinkert Investment Trust, Peter Crosby Trust, Nexus Venture Partners, Discovery Ventures, and a group of high net-worth individuals and industry leaders, also participated in the current funding round, the company said. Recently, Jumbotail raised $11 million as part of its Series B2 funding round.
Commenting on the funding, Ashish Jhina, cofounder at Jumbotail, said: “We will use this capital to scale the business to new regions, to double down on our J24 store network and to launch a suite of services to help FMCG brands go to market exponentially faster and at the lowest cost.”
“We are very excited to make this investment in Jumbotail, which is one of India’s most dynamic and fast-growing businesses,” said Chadi Hajjar, Managing Director of VII Ventures. “Jumbotail has all the ingredients for success, and we are keen to help them move forward in this next step of their journey.”
The company will utilise the capital to hire talent, scale its marketplace, expand its network of J24 stores, apart from growing its private label portfolio and building products to help FMCG brands looking to work with kirana stores to go to market.
Jumbotail claims it services 30,000 corner stores through its B2B e-commerce platform and also aids them with its fintech platform for payments and access to credit. It also has omnichannel retail brand J24 which works with offline kirana stores to sell both online and offline, and has partnerships with hyperlocal delivery companies Swiggy and Dunzo.
