Jumbotail, a B2B marketplace and modern retail platform for food and grocery has raised $120 million in a funding round led by SC Ventures, the innovation and investment arm of Standard Chartered Plc.
Existing investors, including Artal Asia, also took part in the round. With this latest funding, Jumbotail’s total capital raised has reached $263 million, according to a press release.
Jumbotail’s board has already approved a plan to raise Rs 734 crore (about $87 million).
According to the media, after the investment, Standard Chartered Group will own about 8.12% of the company by putting in $81.6 million. Existing investor Artal Asia will hold around 15.15% after investing $5.1 million.
These numbers could change once the funding round is fully completed.
With this investment, Jumbotail is valued at around $950 million and expects its value to cross $1 billion once the full $120 million is raised.
However, the company has not shared any official comments about its valuation.
This news comes shortly after Jumbotail bought Solv India for an undisclosed amount. The Competition Commission of India has already approved the deal.
Jumbotail started in 2015, runs an online wholesale marketplace that helps sellers and buyers with product distribution and other support services.
Solv, the company Jumbotail recently bought, focuses on meeting the business and financial needs of small retailers (kirana stores) and MSMEs in India.
“This is a transformative moment in our journey,” said Ashish Jhina, co-founder and COO of Jumbotail. “Together with Solv, we now help thousands of brands and MSME sellers reach over 500,000 small retailers across more than 400 cities and towns in India.”
Jumbotail has not yet shared its financial results for FY24 and FY25. However, in FY23, the company’s revenue from operations grew 2.17 times to Rs 819 crore. At the same time, its losses also more than doubled, reaching Rs 264 crore.
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