Bengaluru based startup Jumbotail has raised $10.5 Mn (INR 78.28 Cr) in a funding round led by USA-based JumboFund1 with Canada-based Heron Rock AL Access Funds and its JUM Fund II also participated in this round. 22 investors had participated in this round, including Nexus Ventures, Science, Engineering and the Environment LLC (SEE), Pimpernel Holdings India, E Analytics Partners India.
It is an online B2B marketplace for food and grocery primarily selling to wholesale buyers founded in 2015 by S Karthik Venkateshwaran and Ashish Jhina. It sells staples, spices, dry fruits, packaged foods and FMCG products to traders. The company says that the top FMCG brands and staple producers in the country work directly with Jumbotail. The startup today claims to have helped over 25,000 kiranas in getting their inventory right through technology, data science, and design.
It helps the retailers have an efficient channel of sourcing and selling its products and aims to organise the food and grocery ecosystem using technology, data science, and design. Sellers (traders, manufacturers and brands) have an option to list their food, grocery and FMCG products on its marketplace.
Jumbotail has allocated 42,610 CCPS at a nominal value of INR 30 per share and premium of INR 18,336 per share to 21 entities. It has also allocated 100 equity shares to SEE at a nominal value of INR 10 per share and a premium of INR 18,356 per share.
Jumbotail plans on using the funds in forwarding integration of the platform with PoS, integrating backward to farmers, and onboarding new FMCG brands. Jumbotail is also looking to expand its team.