Online B2B marketplace and retail platform Jumbotail on Monday said it has raised Rs 151 crore equity capital in Series C3 equity funding round led by Artal Asia Pte Ltd.
The round also saw the participation of Heron Rock, Sabre Investment, Arkam Ventures, Jarvis Reserve Fund, Reaction Global, VII Ventures and others, Jumbotail said in a statement.
AI-Driven Expansion
The company said it plans to utilise the funds in scaling its suite of GTM (go-to-market) products and services for new and emerging brands to reach mass market consumers via its nationwide kirana store network.
Jumbotail further said it is building AI-driven technologies to drive higher customer wallet share by leveraging its deep sourcing capabilities across FMCG and staples and its industry-leading kirana supply chain.
"We will strengthen our leadership position by going deeper into our existing markets and by helping brands reach kiranas with the lowest total cost of activation and the fastest route to market in the sector," Jumbotail Co-founder and COO Ashish Jhina said.
Jumbotail's Tale
He further said, "We expect to be fully profitable on an operational basis across our entire network before the end of 2024." Since Artal's first investment in Jumbotail in 2021, Jumbotail has continued to demonstrate its differentiation and market leadership in the digital enablement of the kirana ecosystem, said Benjamin Felt, Board Member of Jumbotail and Managing Director of Invus, the global advisor of Artal.
Jumbotail said it has so far raised USD 143 million in equity from prominent investors, including Artal, Heron Rock, Nexus Ventures, Kalaari Capital, Jumbo Fund, Arkam Ventures, and USD 14 million in Venture Debt from leading venture debt firms Alteria Capital and Innoven Capital.
