Indian wholesale and grocery platform
said it has raised US$11 million in a series B2 round of funding lead by Canadian VC fund Heron Rock.
Jumbofund, Nexus Venture Partners, Siddhi Capital, Reaction Fund, Pimpernel Holdings, and a group of high-net-worth individuals and industry leaders also participated in the round, according to a statement.
Based in Bengaluru, Jumbotail supplies
kiranas , or small mom and pop shops, with products directly from brands to maintain their stock.
It operates its own stack ecommerce model that consists of a business-to-business (B2B) marketplace platform, its own warehousing and last-mile delivery supply chain network, as well as a fintech platform for payments.
Jumbotail said it plans to use the new funds to extend its marketplace to new geographies across India and grow its private label product portfolio. The startup also aims to expand its network of stores under the J24 brand.
Citing RedSeer director Mrigank Gutgutia,
The Financial Express
that India’s essentials category, which includes food and groceries, is operating at its pre-Covid levels. The exec attributed the recovery mostly to India’s network of over 12 million kiranas.
“We enjoy tremendous goodwill from our
customers on the back of our best-in-class convenience and service, which remained uninterrupted even during the Covid lockdowns,” Jumbotail co-founder Ashish Jhina claimed.
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