BENGALURU: B2B marketplace and new retail platform for food and grocery Jumbotail, has raised $120 million in a funding round led by SC Ventures, the investment arm of Standard Chartered. Existing investors including Artal Asia participated in the round. With this, the start-up has raised $263 million.
The company will invest the capital to build AI-native solutions and capabilities. Jumbotail also completed its acquisition of Solv India, a B2B commerce and financial services platform incubated by SC Ventures. The deal was approved by the Competition Commission of India (CCI), Jumbotail said on Monday.
Jumbotail and Solv are horizontal B2B e-commerce platforms serving kiranas, MSMEs, and brands across food and grocery, apparel and fashion, home furnishing, toys and sports, footwear, and consumer electronics.
"This is a transformative moment in our journey,” said Ashish Jhina, Co-founder and COO of Jumbotail. “Together with Solv, we now help thousands of brands and MSME sellers reach over 500,000 small retailers across more than 400 cities and towns in India," he added.
Founded in 2015 by S Karthik Venkateswaran and Ashish Jhina, Jumbotail's mission is to empower a million retailers to serve 400 million middle- income Indian consumers through modern small-format convenience retail.
"Our mission isn’t just about commerce—it’s about building an industry-defining company that supports small businesses, enables job growth, and helps build an inclusive economic engine for India’s future," said S Karthik Venkateswaran, Co-founder and CEO of Jumbotail.
The company will accelerate hiring of top talent across all functions including category management, product management, decision science, AI/ML, marketing, supply chain, and finance.