Jumbotail, a B2B marketplace for food and grocery products, on Monday said it has raised Rs 35 crore in debt funding from Alteria Capital.
The venture debt round comes after a USD 25 million equity round, which concluded in January this year.
The company plans to use the funds to expand its operations across the entire country, fund its working capital requirements, and scale its SME (small-to-medium enterprise) -focussed fintech business, a statement said.
”COVID has accelerated the digital transformation of the food and FMCG sector and it is very evident to all players that digital marketplaces are indispensable for their continued growth. We are seeing rapid adoption of our platform and services from retailers and brands across all geographies,” Jumbotail co-founder Ashish Jhina said.
The company’s J24 store network is growing fast and a large number of FMCG brands are signing up for its go-to-market suite of services to get national reach, he added.
”We are looking to bring in more top talent across the entire company to power this explosive growth,” Jhina said.
Jumbotail serves over 50,000 Kirana stores via its full-stack e-commerce model consisting of its B2B marketplace platform, warehousing and last-mile delivery supply chain network, and a fintech platform for payment and credit solutions to Kirana store owners.
”Jumbotail is emerging as a market leader in the USD 500 billion-plus B2B grocery market, driven by scalable tech platforms, full-stack logistics, and supply chain network, and fintech and SME lending solutions,” Alteria Capital Partner Ankit Agarwal said.