Bengaluru: Business-to-business (B2B) grocery delivery startup Jumbotail Technologies on Friday said it had raised $14.2 million in a funding round dubbed ‘Series B3’, completing a targeted $25 million investment round.
The company, co-founder Ashish Jhina said, is at an inflection point in its growth trajectory. It is seeing tremendous interest from investors across the globe, he added.
“We will use this capital to scale the business to new regions, to double down on our J24 store network, and to launch a suite of services to help FMCG brands go to market exponentially faster and at the lowest cost. We are looking to bring in more top talent across the entire company to power this explosive growth,” Jhina said.
Founded in 2020 by Chadi Hajjar, Saudi Arabia-based VII Ventures is a stage-agnostic venture capital group investing companies in the United States, India, Canada, and Europe. It has invested in over 14 start-ups, as per its website on Friday.
Jumbotail claims to serve 30,000 kirana stores via its full-stack e-commerce model consisting of its B2B marketplace platform, an industry-leading warehousing and last-mile delivery supply chain network, and a fintech platform for payment and credit solutions to kirana store owners.
Jumbotail was founded by Stanford University batchmates Karthik Venkateswaran and Jhina. While Karthik served with the Indian army in hard combat and is a marketplaces technology and product veteran from eBay in the US and Flipkart, Jhina is a third-generation apple farmer and a former consultant with Boston Consulting Group.