Alteria Capital and Innoven Capital have invested $9.1 million (roughly Rs 75 crore) in debt financing to Jumbotail Technologies Pvt Ltd.
The Bengaluru-based startup will use the additional funds to expand its technological infrastructure, increase net revenues by 100%, and achieve operational profitability within the following 12 months, as per reported by VCCircle.
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“We will strengthen our position by going deeper into our existing markets and expect to hit full operational profitability across our network in the next 12 months,” said Jhina.
Jumbotail is India’s leading B2B marketplace and New Retail platform. It was established in 2015 by Ashish Jhina and S.Karthik Venkateswaran. The company caters to thousands of mom-and-pop shops known as “Kiranas.”
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Four internal, proprietary platforms make up the Jumbotail ecosystem: a B2B online marketplace, a supply chain and logistics system, a fintech platform for SME lending, and a retail platform that powers its J24-branded convenience stores.
With the help of Jumbotail’s New Retail platform and playbook, which include J24 consumer branding, in-store GoldenEye retail technology, data-driven product selection and merchandising insights, integrated supply chain with daily store fulfilments, Greencard loyalty programme, and payment solutions, traditional unorganised kirana stores are transformed into J24 branded modern convenience grocery stores, owned and operated by kirana entrepreneurs.
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Along with its fintech platform for payment, credit solutions, and financial services, Jumbotail is an e-commerce platform that provides storefront shipments to kirana stores. Jumbotail also sells products directly to businesses.