- July 6, 2017 / 2 min readThe company plans to utilise the funds for building technologies and enhance operational capabilities
Bengaluru-based food and grocery wholesale marketplace, Jumbotail, has raised $8.5 million (around Rs 55.12 crore) in series-A funding led by Kalaari Capital and Nexus Venture Partners. Nexus Venture Partners had earlier invested $2 million (around Rs 13 crore) in the company.
Bala Srinivasa, Partner, Kalaari Capital, said, "About 98% of India’s food and grocery consumption is via kirana stores. We are excited by Jumbotail’s ability to eliminate information asymmetry, aggregate previously unavailable demand-and-supply data, and significantly improve economic outcomes for manufacturers, brands, financial institutions and kirana owners."
Jumbotail was founded by Stanford alumni, Karthik Venkateswaran and Ashish Jhina in 2015. The company works with kirana stores and businesses, including hotels and restaurants in Bengaluru, to build an efficient supply chain for ordering staples, spices, dry fruits, packaged foods, and FMCG products.
The company plans to utilise the funds for building technologies and enhance operational capabilities.
Ashish Jhina, co-founder & COO, Jumbotail, said, "Manufacturers and brands can instantly get direct and highly targeted access to thousands of retailers and institutional customers through the Jumbotail platform without needing to invest in expensive physical distribution networks. Jumbotail also opens up the Kirana network to financial institutions looking to extend credit in a cost-effective and scalable manner."
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