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Jumbotail raises $120 million in funding round led by SC Ventures
B2B e-commerce firm Jumbotail has raised $120 million (about Rs 1,027 crore) in a funding round led by the investment arm of Standard Chartered, SC Ventures, the company said on Monday.
With this fresh funding, the company has raised $263 million so far.
"Jumbotail, India'sB2B marketplace and New Retail platform for food and grocery, has raised USD 120 million in a funding round led by SC Ventures, the innovation and investment arm of Standard Chartered Plc," the company said in a statement.
The company will invest the capital to build AI-native solutions and capabilities to cement its leadership, the statement said.
Jumbotail also announced the completion of its acquisition of Solv India, which is a B2B commerce and financial services platform incubated by SC Ventures. The deal was approved by the Competition Commission of India (CCI).
"Together with Solv, we now help thousands of brands and MSME sellers reach over 5,00,000 small retailers across more than 400 cities and towns in India," Ashish Jhina, Co-founder and COO of Jumbotail, said.
Jumbotail and Solv together are serving kiranas, MSMEs, and brands across food and grocery, apparel and fashion, home furnishing, toys and sports, footwear, and consumer electronics.
"This integration represents a leap forward in our shared mission to empower MSMEs through technology and financial inclusion, which is a core theme for SC Ventures. Jumbotail and Solv now form a platform committed to responsible innovation with real impact for India's entrepreneurs," Gautam Jain, member of SC Ventures, said.
Both companies will open new opportunities for brands to quickly and efficiently scale nationally by leveraging their e-commerce platforms, credit, and go-to-market/ marketing solutions.
"With strong fundamentals, a clear path to profitability and a motivated mission-driven team, Jumbotail and Solv are together well positioned to lead India's B2B commerce transformation across categories of mass market consumption," Jumbotail Co-founder and CEO, S Karthik Venkateswaran, said.
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