B2B E-commerce Marketplace Jumbotail To Acquire Solv India

B2B e-commerce marketplace Jumbotail is acquiring competitor Solv India for an undisclosed amount.

Solv India stated that its investor, SC Ventures (Standard Chartered Bank’s venture arm) has approved the deal which is pending regulatory approvals.

Though the deal amount wasn’t disclosed, reports suggest it could be around $50 million in cash and equity.

Jumbotail co-founders Karthik Venkateswaran and Ashish Jhina will lead the combined company, while Gautam Jain from SC Ventures will join Jumbotail’s board.

This acquisition will strengthen Jumbotail’s presence in the B2B marketplace and expand its reach in apparel, home furnishings, footwear and toys segment.

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"Jumbotail’s strength across the entire food and grocery value chain, and Solv India’s differentiated capabilities in apparel, home furnishing, footwear and toys are a unique combination with immense potential,” noted Ashish Jhina, Co-founder and COO of Jumbotail.

“The acquisition of Solv India by Jumbotail will create a significant horizontal multi-category B2B ecommerce platform in India with the potential to transform the lives of hundreds of millions of Indians,” Gautam Jain said on the acquisition. 

About Jumbotail 

Founded in 2015 by Venkateswaran and Jhina, Jumbotail helps emerging brands reach small retailers by offering various market solutions. 

It operates a B2B grocery and food marketplace focused on wholesale buyers and serves over 50,000 Kirana stores across India.

Last year, Jumbotail raised Rs 151 Cr ($18.3 Mn) in its Series C3 funding round led by Artal Asia.

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