Jumbotail, a business-to-business (B2B) marketplace for food and grocery products, on Monday said it has raised $120 million in a funding round led by Standard Chartered’s investment arm SC Ventures.
The latest fundraise, which also saw participation from existing investors including Artal Asia, brought Jumbotail’s total capital raised to $263 million.
Earlier this year, Jumbotail acquired Solv, an online B2B platform facilitating MSMEs to sell their products to retailers and other businesses, which is operated by SCRTIPL (Standard Chartered Research and Technology India Pvt Ltd).
Founded in 2015 by S Karthik Venkateswaran and Ashish Jhina, Jumbotail claims to augment fragmented, offline value chains with a modern, AI-powered commerce and credit stack built for mass-market India. The platform enables kiranas and MSMEs to digitise operations, access credit, and compete effectively in India’s fast-changing retail sector.
The company plans to use the funds to build AI-native solutions and expects its acquisition of Solv to open new opportunities for brands to quickly and efficiently scale nationally by leveraging their e-commerce platforms, credit, and go-to-market/marketing solutions.
It also aims to accelerate hiring across all functions, including category management, product management, decision science, AI/ML, marketing, supply chain, and finance.
Other major investors in the firm include Nexus Venture Partners and Kalaari Capital.
Jumbobail joins a growing list of mega deals—transactions worth at least $100 million—that have taken place this year.
Leading the table in January was Kedaara Capital’s $350-million investment in Indore-based Impetus Technologies. Another major deal was healthcare AI firm Innovaccer’s $275-million Series F round.
Other notable transactions include Infra.Market’s $121-million fundraise, Quadria Capital’s $100-million investment in contract research, development, and manufacturing firm Aragen, and Darwinbox’s $140-million fundraise in a round co-led by global investment firms Partners Group and KKR.
