Jumbotail, a B2B marketplace business based in Bangalore, has secured debt financing of Rs 75 crore from Alteria Capital and Innoven Capital.
The business intends to use the money in developing deep sourcing skills and AI-driven technologies to increase client wallet share, boost net sales by 100%, and reach operational profitability in the following 12 months.
S. Karthik Venkateswaran and Ashish Jhina founded Jumbotail, which offers a range of Go-To-Market services for businesses wishing to enter the kirana sector and influence both retailer and consumer demand. At the moment, Jumbotail has over 60% of the addressable market share of kirana stores across more than 50 cities.
Commenting on the latest development Ashish Jhina, Co-founder & COO of 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.”