Jumbotail has signed a deal to buy Solv, while OneStack has raised $2 million in Series A funding.
Jumbotail to become multi-category platform
Jumbotail, a business-to-business (B2B) marketplace for food and grocery products, has signed a deal to buy Solv, another B2B marketplace for micro and small enterprises, to become a multi-category platform.
While the firms did not disclose the deal value, according to MoneyControl, it is expected to be around $50 million in a mix of cash and equity.
Solv, which was started in 2019, raised $40 million in a Series A round in 2022, led by SBI Holdings, to expand its global footprint to over 300 cities in India, Africa, and Southeast Asia.
Founded in 2015 by S Karthik Venkateswaran and Ashish Jhina, Jumbotail raised Rs 151 crore ($18.2 million) in a Series C3 round last year, led by Artal Asia Pte. Ltd. Heron Rock, Sabre Investment, Arkam Ventures, Jarvis Reserve Fund, Reaction Global, VII Ventures and others.
According to a separate report by MoneyControl on Wednesday, Jumbotail is in advanced stages to raise $120 million (around Rs 1,000 crore) from SC Ventures, Invus and others in a fresh round that values the company at $1 billion.
OneStack bags $2m Series A round
OneStack, a fintech platform for cooperative banks, has raised $2 million in Series A funding and will soon secure an additional $1 million.
The round was led by Pentathlon Ventures, with participation from Yatra Angel Network and support from existing investors 100Unicorns and Venture Catalysts, the firm said in a statement.
The platform offers end-to-end solutions like core banking, mobile banking, NPCI UPI Switch, and BBPS Switch, allowing regional and rural banks to modernise operations and enhance services to compete with larger institutions.
