has raised Rs 75 crore from Alteria Capital and Innoven Capital in a venture debt funding round on Tuesday.
The B2B marketplace plans to invest funds in building deep sourcing capabilities and AI-driven technologies to drive higher customer wallet share and grow their net revenues by 100% and achieve operational profitability in the next 12 months. The company targets to expand its current retailer to 400,000 retailers in 50+ cities by the end of the year.
Ashish Jhina, Co-founder and COO of Jumbotail, said, “We will strengthen our leadership position by going deeper into our existing markets and expect to hit full operational profitability across our entire network in the next 12 months.”
With the fresh capital, the company plans to increase hiring across deep sourcing, category management, product management, AI/ML, and marketing verticals. Jumbotail claims that it has 60% of the total penetration within the addressable market of kirana stores in 50+ cities and all of its sales placed organically by kirana stores.
Jumbotail is a foodtech platform that provides full-stack services for kirana stores, including storefront delivery and payment collection. It also has a fintech platform that provides payment solutions and access to working capital credit from third-party credit providers to its customers, using transactional data and proprietary algorithms.
“We are thrilled to double down our support to Jumbotail’s mission to transform the food and grocery retail value chain in India,” said Ankit Agrawal, Managing Partner, Alteria Capital.
Jumbotail has so far raised $125 million in equity from funds such as Heron Rock Fund, Kalaari Capital, and Nexus Venture Partners. Jumbotail was founded by S Karthik Venkateswaran, a former Indian army veteran, and his Stanford classmate Ashish Jhina.
