Online B2B marketplace for food and grocery products Jumbotail has raised an $11 million Series B2 round of funding led by Heron Rock. Nexus Venture Partners, Jumbofund, Siddhi Capital, Reaction Fund, Pimpernel Holdings and a group of HNIs and industry leaders also participated in the round.
The Bengaluru-based startup will use the funds to scale its core B2B marketplace to new geographies, expand its network of J24 stores, grow its private label product portfolio and to extend its Go-To-Market services to more FMCG brands seeking entry into kirana stores and standalone supermarkets across the country.
It currently serves 30,000 kirana stores via its full stack e-commerce model. Jumbotail also transforms kirana stores into modern omni-channel convenience grocery stores under the J24 brand within 24-48 hours.
“Our J24 store network is emerging as the ecosystem of choice for kirana store owners looking to seamlessly transform their kiranas into modern grocery stores, and to compete better in an increasingly technology-driven retail world,” said Ashish Jhina, co-founder, Jumbotail.
An estimated 12 million kirana stores in India control more than 95 per cent of the country’s $450 billion food and grocery market. Technology, supply chain, and fintech solutions from startups such as Jumbotail are looking to transform the kirana store ecosystem.