India’s Jumbotail raises $12.7 million to digitize convenience stores with its wholesale marketplace
With most small grocery stores in India yet to get online, startups racing to digitize them continue to see promising backing from investors. Jumbotail, an online wholesale marketplace for grocery and food items, today said it has raised $12.7 million to scale its operations.
The Series B financing round for the Bangalore-based startup was led by Heron Rock, with participation from Capria Fund, BNK Ventures and William Jarvis and existing investors Nexus Venture Partners, and Kalaari Capital . The three-and-a-half-year old startup has raised about $24 million to date.
More than 10 million grocery stores, locally known as kiranas, bridge urban cities, towns and villages in India. They control over 95% of the $350 billion food and grocery market in the nation, according to some estimates.
Jumbotail operates a marketplace that connects tens of thousands of these kirana stores with brands and traders. It offers a whole suite of services including supply chain logistics, a mobile app for placing orders, integration with point-and-sales devices, and credit solutions to shop owners that can’t easily get loan from banks.
Ashish Jhina, cofounder and COO of Jumbotail, told TechCrunch in an interview that the startup will invest the fresh capital in developing