Jumbotail, India’s leading New Retail platform and B2B marketplace for food and grocery products, has closed an $11M Series B2 round of funding led by Heron Rock, with participation from Jumbofund, Nexus Venture Partners, Siddhi Capital, Reaction Fund, Pimpernel Holdings, and a group of HNIs and industry leaders.
Jumbotail serves 30,000 kirana stores via its full-stack e-commerce model consisting of its B2B marketplace platform, an industry-leading warehousing and last-mile delivery supply chain network, and a fintech platform for payment and credit solutions to kirana store owners. Jumbotail’s New Retail platform transforms kirana stores into modern omnichannel convenience grocery stores under the J24 brand within 24-48 hours, offering kirana retailers a full suite of in-store technology and insights, daily fulfillment of thousands of products, a B2C online store as well as loyalty solutions to better connect retailers to their consumers, in addition to omnichannel integrations with hyperlocal platforms such as Dunzo and Swiggy.
Jumbotail will use the funds to scale its core B2B marketplace to new geographies across India, 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.
Jumbotail was founded by S.Karthik Venkateswaran and Ashish Jhina. Karthik is a marketplaces product veteran from eBay-US and Flipkart. Ashish Jhina is a 3rd generation apple farmer, and a former consultant with BCG, with deep experience in agricultural production and supply chains.
Ashish Jhina, Co-Founder, Jumbotail, said, “We have built a very capital efficient and operationally profitable business by focusing on solving problems for kiranas. We enjoy tremendous goodwill from our kirana customers on the back of our best-in-class convenience and service, which remained uninterrupted even during the Covid lockdowns. 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.”
Tom Williams, General Partner of Heron Rock, an omni-stage venture fund with offices in Toronto and San Francisco, stated, “Jumbotail has displayed tremendous grit and resilience in the face of unprecedented odds and continued to execute at a level of excellence that is rarely seen. We are doubling down on our investment in Jumbotail as we believe they are best positioned to transform food & grocery retail in India.”
Sameer Brij Verma, Managing Director, Nexus Venture Partners, added, “Jumbotail’s New Retail platform powering J24 Stores is revolutionary, and their full-stack approach is likely the most cost-efficient and scalable way to modernize kirana stores. We have been firm believers in the team and their approach from the very beginning”.
An estimated 12 million kirana stores in India control more than 95% of the country’s $450B food and grocery market. Technology, supply chain, and fintech solutions from startups like Jumbotail are poised to transform the kirana store ecosystem at an unprecedented pace and scale over the next few years.
In a strategic move reinforcing its commitment to Madhya Pradesh's economic landscape, Hindustan Coca-Cola Beverages (HCCB), a prominent FMCG player in India, has disclosed a Rs 350 crore investment in the state. This announcement, made during a meeting between the Chief Minister of Madhya Pradesh, Dr. Mohan Yadav, and a senior HCCB delegation, propels the company's cumulative investment in the state to over Rs 660 crore.
The capital injection will fuel the establishment of two cutting-edge manufacturing lines at HCCB's Rajgarh factory, dedicated to producing Affordable Small Sparkling Packs (ASSP) and Juice Tetra Packs. Beyond expanding manufacturing capabilities, this move is poised to make a substantial contribution to the state's economy. With a robust network of 149 distributors and 127,080 retailers, HCCB plays a pivotal role in Madhya Pradesh's retail sector, distributing approximately 10 million cases across 29 districts.
In reciprocation, the Madhya Pradesh Government has committed comprehensive support to expedite HCCB's procurement of necessary permissions, approvals, and clearances, aligning with the state's policies and regulations.
Himanshu Priyadarshi, Chief Public Affairs, Communications, and Sustainability Officer at HCCB, stated, “This investment is a significant step in our journey with Madhya Pradesh - a state that is poised for growth and development. We see this as an opportunity to deepen our commitment and align our growth with the state’s vision. This is more than an expansion of our business operations; it is about reinforcing our roots in a state that is key to our market strategy and a hub for innovation. We envisage this project as a catalyst not only for regional economic growth but also as a conduit for nurturing local talent, thereby contributing to the socio-economic progress of Madhya Pradesh.”
Having invested over Rs 311 crore in Madhya Pradesh since 2000, including recent expansions in 2022 and 2023, HCCB has consistently demonstrated its commitment to enhancing production capabilities and supporting the local economy. This latest financial commitment not only cements its industrial presence in the state but also aligns with HCCB's dedication to delivering innovative and high-quality products to consumers in Madhya Pradesh.
HCCB's engagement in Madhya Pradesh transcends business investments, extending to Corporate Social Responsibility (CSR) initiatives. These projects focus on water rejuvenation, skill development, and sustainable agriculture. Notably, the initiatives have impacted 1200 youths in sales and marketing training, 1500 women in digital and financial literacy, and over 100 farmers in adopting sustainable agricultural practices. Additionally, HCCB has facilitated the installation of water ATMs and Smartboards, contributing to community resources.
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