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Bengaluru, Mar 14, 2023: Jumbotail, India’s leading B2B marketplace and New Retail platform for food and grocery has raised INR 75 crore from Alteria Capital and Innoven Capital in a recent venture debt funding round. Jumbotail 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 base of 250,000+ retailers across 50+ cities to about 400,000 retailers, and reach over 80% of penetration of the addressable market in the next 12 months.
Ashish Jhina, Co-founder and COO Jumbotail said, “Jumbotail’s pan-India B2B ecommerce platform is the fastest, most effective and capital efficient way for brands to access 250,000+ small and medium Kirana stores across 50+ cities and 100+ next generation J24 convenience stores, that serve over 100 million urban middle class consumers. 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. We are thrilled to see world class venture debt firm Alteria Capital leading this round syndicate. We welcome onboard Innoven on our mission to transform India’s food and grocery retail ecosystem.”
Jumbotail offers a complete suite of Go-To-Market services for brands looking to reach the kirana market to shape both retailer demand and consumer demand. Currently with nearly 60% of penetration of the addressable market of kirana stores in the 50+ cities it is operating, Jumbotail has the highest monthly purchase frequency of kirana stores among all players in the market. 100% of Jumbotail’s sales is generated by unassisted digital orders placed organically by kirana stores across the country via Jumbotail b2b digital retailer app. According to a survey by Redseer, Jumbotail enjoys the highest NPS amongst kirana retailers in eB2B.
Ankit Agrawal, Managing Partner, Alteria Capital said “We have witnessed Jumbotail execute sustainable growth at scale, with a strong focus on profitability and capital efficiency. We are more than confident that Jumbotail will emerge as the clear market leader in the $500B kirana b2b food and grocery market. We are thrilled to double down our support to Jumbotail’s mission to transform the food and grocery retail value chain in India.”
Since their last round of funding in Dec 2021, the company has deepened its market leadership by completing their expansion journey and establishing national presence, significantly increasing the market access and reach for the brands, and driving economies of scale. Jumbotail has hired some of the best talent in the industry across levels. This year, the company will be utilizing funds to hire world class teams in deep sourcing, category management, product management, AI/ML, and marketing.
Sameer Mansukhani, Partner from Innoven Capital said “Jumbotail is leading India’s mass transformation of kirana retail ecosystem by providing full stack solutions to modernize kirana stores from both the supply and demand side. We are super happy to partner with the team at Jumbotail and be a part of their journey to emerge as a clear market leader in kirana retail transformation”
An estimated 12 million kirana stores in India control more than 95% of the country’s $500B+ food and grocery market. Kiranas’ have proven to be lifeline for Indian consumers, and the economic engine for the country. Technology, supply chain, and fintech solutions from startups like Jumbotail are poised to transform the kirana store ecosystem at an unprecedented pace and scale over the next few years and empower the kirana retailers to help them meet the emerging needs of the next generation consumer.
