The funding round also saw participation from Jumbofund, Nexus Venture Partners, Siddhi Capital, Reaction Fund, Pimpernel Holdings and a group of high networth individuals.
The company, which claims it has over 30,000 kirana stores on its platform, offers warehousing, supply chain, payment and credit solutions. It also has an omnichannel retail format dubbed J24 that allows partner kirana stores to sell both online and offline.
“We have built a very capital efficient and operationally profitable business by focusing on solving problems for kiranas. We enjoy tremendous goodwill from our kirana customers on the back of our best-in-class convenience and service, which remained uninterrupted even during the Covid lockdowns,” said Ashish Jhina, cofounder at Jumbotail.
The startup said it will utilise the fresh capital to expand its marketplace into new geographies across India and also scale its J24 store network. It also plans to double down on its private label portfolio and acquire more FMCG brands that are looking to tap kiranas and standalone supermarkets.
“Jumbotail has displayed tremendous grit and resilience in the face of unprecedented odds and continued to execute at a level of excellence that is rarely seen. We are doubling down on our investment in Jumbotail as we believe they are best positioned to transform food & grocery retail in India,” said Tom Williams, General Partner at Heron Rock.
Jumbotail’s omnichannel offering helps kirana stores to go online within just 24-48 hours and offers them an online storefront for customers and even allows integrations with hyperlocal delivery platforms such as Dunzo and Swiggy Stores.
Jumbotail competes with players such as Walmart-backed Ninjacart, Tencent-backed Udaan, Waycool, DeHaat and increasingly from giants such as Flipkart and Amazon themselves as they scale up their own B2B e-commerce businesses to service kiranas in the food and FMCG segments.