VII Ventures had recently announced that it is the leading investor in Series B3 funding round of Jumbotail - a grocery and food items e-marketplace. Jumbotail - an online wholesale marketplace and new retail platform for grocery and food items, based in India, is serving more than 30,000 Kirana (mom & pop grocery) stores via its full-stack e-commerce model.
The $14.2 million Series B3 fundraise, which follows an $11 million Series B2 round in October 2020, will allow Jumbotail to scale its business to new geographies, expand its private-label portfolio, partner with more FMCG brands and to grow its network of J24 modern convenience omnichannel grocery stores in partnership with mom & pop entrepreneurs.
With more than 95% of India's $450B food and grocery market flowing through over 12 million Kirana stores –these stores are the tried-and-true economic engine of India. But when the COVID-19 pandemic hit, traditional supply chains serving these stores ground to a screeching halt.
"Jumbotail's ecommerce marketplace and its highly resilient supply chain, built on a proprietary in-house technology platform, allowed the company to serve its customers every single day of the lockdown – thereby winning the trust of thousands of mom & pop retailers as well as that of hundreds of FMCG brands," said Ashish Jhina, Cofounder & COO of Jumbotail.
Said Chadi Hajjar, Managing Director at VII Ventures, "We believe in the Jumbotail's vision and have been impressed by the rapid growth of their business in such a short time span. Jumbotail has huge potential and scalability for domestic and international growth, and we look forward to working with them in the next step of their journey."
Karthik Venkateswaran, Cofounder & CEO of Jumbotail said, "The VII Ventures team has shown great conviction, and a solid understanding of our business. We are excited to partner with them and learn from their expertise to help scale Jumbotail to the next level."