The latest capital infusion also saw participation from Nutresa, Veronorte, Jumbofund, Klinkert Investment Trust, Peter Crosby Trust, Nexus Venture Partners, Discovery Ventures, and a group of high net-worth individuals and industry leaders, the company said. Jumbotail had in October last year raised $11 million as part of its Series B2 funding round.
“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,” said Ashish Jhina, cofounder at Jumbotail.
Jumbotail claims it services 30,000 corner stores through its B2B e-commerce platform and also aids them with its fintech platform for payments and access to credit. It also has omnichannel retail brand J24 which works with offline kirana stores to sell both online and offline, and has partnerships with hyperlocal delivery companies Swiggy and Dunzo.
“We are very excited to make this investment in Jumbotail, which is one of India’s most dynamic and fast-growing businesses,” said Chadi Hajjar, Managing Director of VII Ventures. “Jumbotail has all the ingredients for success, and we are keen to help them move forward in this next step of their journey.”
The company added that it will utilise the capital to hire talent, scale its marketplace, expand its network of J24 stores, apart from growing its private label portfolio and building products to help FMCG brands looking to work with kirana stores to go to market.