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CCI approves Jumbotail-Solv India merger

EntrackrEntrackr · 1m ago
CCI approves Jumbotail-Solv India merger
Medial

The Competition Commission of India on Tuesday cleared a multi-layered deal involving Bengaluru-based Jumbotail Technologies' proposed acquisition of B2B e-commerce platform Solv. The merger includes Jumbotail fully acquiring SCRTIPL, a subsidiary of Standard Chartered that runs Solv. In March, SC Ventures, Standard Chartered’s investment arm, agreed to sell Solv India to Jumbotail. A recent report by Financial Express said that the merger had faced delays after an audit revealed related-party transactions that inflated Solv’s revenue. These concerns were flagged by Jumbotail during the audit process. As part of the deal, Jumbotail will issue certain shares to SC Ventures and Solv India, while SCV Master and Artal Asia will subscribe to specific shares in Jumbotail. The combined entity will be led by S. Karthik Venkateswaran and Ashish Jhina, co-founders of Jumbotail. Gautam Jain will join Jumbotail’s board, representing SC Ventures. Jumbotail operates an online marketplace that facilitates wholesale product distribution and offers a range of ancillary services for sellers and buyers. Solv, meanwhile, supports the diverse commerce and fintech needs of India’s small retailers (kiranas) and micro, small, and medium enterprises (MSMEs). The acquisition will bolster Jumbotail’s capabilities across the entire food and grocery value chain, while integrating Solv India’s strengths in apparel, home furnishings, footwear, and toys. According to a Moneycontrol report, Jumbotail is in the advanced stages of securing $120 million in funding from SC Ventures, Invus, and other investors, which would value the company at $1 billion and position it as the latest unicorn in the B2B e-commerce sector.

Jumbotail turns unicorn after $120 Mn Series D round

EntrackrEntrackr · 14h ago
Jumbotail turns unicorn after $120 Mn Series D round
Medial

Jumbotail, a B2B marketplace and new retail platform for food and grocery, has raised $120 million in a funding round led by SC Ventures, the innovation and investment arm of Standard Chartered Plc. Existing investors including Artal Asia participated in the round. This brings Jumbotail’s total capital raised to $263 million, according to a press release shared with Entrackr. According to Entrackr analysis, Standard Chartered Group will hold an 8.12% stake after investing $81.6 million, while existing investor Artal Asia will own 15.15% following a $5.1 million infusion. Entrackr estimates Jumbotail’s valuation at around $950 million with this investment and expects it to surpass $1 billion after the full $120 million raise. Jumbotail has declined to comment on its valuation. The development comes soon after the acquisition of Solv India by Jumbotail for an undisclosed amount. Founded in 2015, Jumbotail runs an online wholesale marketplace, providing product distribution and a suite of ancillary services for both sellers and buyers. On the other hand, Solv caters to the diverse commerce and fintech requirements of India’s small retailers (kiranas) and MSMEs. “This is a transformative moment in our journey,” said Ashish Jhina, co-founder and COO of Jumbotail. “Together with Solv, we now help thousands of brands and MSME sellers reach over 500,000 small retailers across more than 400 cities and towns in India.” While Jumbotail has not yet filed its financials for FY24 and FY25, its revenue from operations grew 2.17X to Rs 819 crore in FY23. However, losses also more than doubled to Rs 264 crore in the same year.

Jumbotail raises $18.2 Mn in Series C3 round

EntrackrEntrackr · 1y ago
Jumbotail raises $18.2 Mn in Series C3 round
Medial

Jumbotail, B2B marketplace and retail platform for food and grocery, has raised Rs 151 crore ($18.2 million) in a Series C3 round led by Artal Asia Pte. Ltd. Heron Rock, Sabre Investment, Arkam Ventures, Jarvis Reserve Fund, Reaction Global, VII Ventures and others. Artal had led a $85 million Series C round in Jumbotail in December 2021. In March last year, the firm raised $9.5 million in debt and has scooped up around $157 million across equity and debt to date. Jumbotail plans to invest funds in scaling its suite of GTM (Go-To-Market) products and services for new and emerging brands to reach mass market consumers via Jumbotail’s nationwide kirana store network, the company said in a press release. Jumbotail claims to build AI-driven technologies to drive higher customer wallet share by leveraging its deep sourcing capabilities across FMCG and staples and its kirana supply chain. The company also plans to hire teams in deep sourcing, technology, category management, product management, and marketing. “..We will strengthen our leadership position by going deeper into our existing markets and by helping brands reach kiranas with the lowest total cost of activation and the fastest route to market in the sector..,” said Ashish Jhina, Co-founder and COO of Jumbotail. Jhina also said that the company expects to be fully profitable on an operational basis across its entire network before the end of 2024. Founded by S.Karthik Venkateswaran, and Jhina, Jumbotail serves small and medium kirana stores across India via full stack B2B marketplace platform, inhouse warehousing and last-mile delivery supply chain network that provides next-day storefront deliveries to kirana stores. It also provides a fintech platform for payment, credit solutions and financial services to kirana store owners. According to Jumbotail, it generated sales by unassisted digital orders placed organically by kirana stores across the country via its app. Jumbotail’s revenue from operations grew 2.17X to Rs 819 crore in FY23 from Rs 377 crore in FY22, according to startup data intelligence platform TheKredible. Akin to revenue, its losses also jumped over 2X to Rs 264 crore in FY23 as compared to Rs 125 crore in the previous fiscal year.

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