Retail platform and B2B marketplace Jumbotail on Monday said it has raised Rs 35 crore from Alteria Capital to expand its operations and scale its SME-focused fintech business.
This venture debt round comes after a $25 million equity round concluded in January this year.
Jumbotail serves more than 50,000 Kirana stores via its full-stack e-commerce model consisting of its B2B marketplace platform, warehousing and last-mile delivery supply chain network, and a fintech platform for payment and credit solutions to Kirana store owners.
“We are seeing rapid adoption of our platform and services from retailers and brands across all geographies. Our J24 store network is growing fast and a large number of FMCG brands are signing up for our go-to-market suite of services to get national reach,” said Ashish Jha, Co-founder, of Jumbotail.
An estimated 12 million Kirana stores in India control more than 95 percent of the country’s $500 billion food and grocery market.
“Jumbotail is emerging as a market leader in the $500 billion B2B grocery market, driven by scalable tech platforms, full stack logistics and supply chain network, and fintech and SME lending solutions,” said Ankit Agarwal, Partner, Alteria Capital.