India’s Jumbotail has completed its Series B3 round by raising $14.2 million. This round was led by VII Ventures, with participation from Nutresa, Veronorte, Jumbofund, Klinkert Investment Trust, Peter Crosby Trust, Nexus Venture Partners, and Discovery Ventures.
This was the Indian company’s Series B3 round. This round comes as a follow up to the $11 million raised in the Series B2 round raised in October 2020. The latest round brings the total funds raised to $54 million.
Founded by two Stanford MBA batchmates, S. KarthikVenkateswaran, and AshishJhina, Jumbotail is a business-to-business marketplace for food and grocery products. “We will use this capital to scale the business to new regions and to launch a suite of services to help FMCG (fast-moving consumer goods) brands go to market exponentially faster and at the lowest cost,” said AshishJhina, Co-founder, Jumbotail. “We are looking to bring in more top talent across the entire company to power this explosive growth.”
The small food and grocery stores, popularly known as Kiranas in India, command a formidable 95% of country’s $450 billion food and grocery market. Jumbotail works with more than 30,000 small stores in the country and also provides working capital to these stores through partnerships with financial institutions.
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