Indian online grocery wholesaler Jumbotail wraps $14.2m fundraise
Jumbotail, an India-based online wholesale marketplace for grocery and food items, has raised an additional $14.2 million.
The new tranche of its Series B financing round was led by VII Ventures, with participation from Nutresa, Veronorte, Jumbofund, Klinkert Investment Trust, Peter Crosby Trust, Nexus Venture Partners and Discovery Ventures.
The startup ended up raising around $44 million in the round and has now bagged $54 million in total equity investment.
Ashish Jhina, Co-founder, Jumbotail, says, “We are at an inflection point in our growth trajectory.”
“We are seeing tremendous interest from investors across the globe who are drawn to our highly scalable and operationally profitable business model, built on the industry's best technology and customer NPS.”
“We will use this capital to scale the business to new regions, to double down on our J24 store network and to launch a suite of services to help FMCG brands go to market exponentially faster and at the lowest cost.”
“We are looking to bring in more top talent across the entire company to power this explosive growth.”
Chadi Hajjar, Managing Director at VII Ventures, comments: “Jumbotail is one of India’s most dynamic and fast growing businesses.”
“We believe that Ashish and fellow Co-founder Karthik Venkateswaran share our vision of disrupting the status quo, and we admire their fighting spirit and determination to digitalise the grocery supply chain and retail landscape in India.”
“Jumbotail has all the ingredients for success, and we are keen to help them move forward in this next step of their journey.”
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