Jumbotail, a retail platform and B2B ecommerce marketplace for food and grocery products, on Tuesday said it has raised an USD 85 million Series C round led by Artal Asia Pte. Ltd., an affiliate of Invus, a global equity investment firm with over USD ten billion of evergreen capital under management.
Ajax Capital, the family office of FMCG entrepreneur Ajay Gupta, also participated in the round. This Series C round was a combination of primary and secondary investments, with early investors Nexus Venture Partners and Kalaari Capital taking minor part-exits in the secondary. This takes the total capital raised by the company to USD 125 million, Bengaluru-headquartered Jumbotail said in a statement.
Francis Cukierman, Managing Director, Invus Asia and Benjamin Felt, Managing Director, Invus US will join Jumbotail’s Board of Directors. Cukierman and Felt commented, Our evergreen structure enables us to partner for the long term with companies who seek to transform their industries, and we are thrilled to embark on such a partnership with Jumbotail, which is rapidly emerging as an industry-defining company in B2B eCommerce.
Co-founder & COO, Jumbotail, Ashish Jhina, said, We nearly quadrupled our scale in 2021 and are looking to further accelerate our growth trajectory in the coming year. We will continue to invest aggressively to make Jumbotail the pre-eminent destination for food and grocery brands to reach the overwhelming majority of India’s consumers through our pan-India network of kirana partners.
Jumbotail said it connects nearly 2000 FMCG & staples brands and sellers to about 150,000 kirana stores across 38 cities and towns in India via its full stack e-commerce model consisting of its B2B e-commerce marketplace platform and its warehousing and logistics supply chain network. Jumbotail will use the funds to triple its engineering, product, design, data science, category management, marketing, and finance teams, the statement said. Jumbotail was founded in 2015 by Stanford MBA classmates S Karthik Venkateswaran and Ashish Jhina.
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