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Jumbotail turns unicorn after $120 Mn Series D round

EntrackrEntrackr · 10h 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.

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Perfios turns unicorn with $80 Mn funding from Teachers’ Venture Growth

EntrackrEntrackr · 1y ago
Perfios turns unicorn with $80 Mn funding from Teachers’ Venture Growth
Medial

​​SaaS-based B2B fintech firm Perfios has raised $80 million in a new round from Teachers’ Venture Growth (TVG), a late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan. The new round has come after six months of $229 million Series D round for the Bengaluru-based company. With this, the firm has also crossed the $1 billion valuation mark and entered the unicorn club. Perfios plans to continue its international expansion and strengthen its global footprint, while also utilising the funds towards exploring inorganic growth opportunities, the company said in a press release. It will also continue to invest in its tech stack to power the end-to-end customer journeys across banking, insurance, and embedded commerce. Perfios helps in the aggregation and analysis of financial data such as bank statements, tax data, and business financials to generate reports across the areas of credit assessment, monitoring, fraud, and banking data aggregation. It has acquired more than 100 large clients across banks, NBFCs, digital lending platforms, mutual fund companies, insurance companies, and human resources. With a presence in 16 countries, Perfios claims to empower over 1,000 financial institutions, deliver 8.2 billion data points to banks and financial institutions every year to facilitate faster decisioning, and process 1.7 billion transactions a year with an AUM of $36 billion. B2B SaaS fintech company Perfios has announced a buyback of ESOPs worth Rs 154 crore (approximately $18.5 million) from its 135 current and former employees. With this, Perfios has joined a list of handful of growth-stage companies that have bought back employees’ stock this year. Soon after the previous fundraise, Perfios announced a buyback of ESOPs worth Rs 154 crore (approximately $18.5 million) from its 135 current and former employees. The firm also turned profitable in FY23 while its revenue from operations spiked three-fold to Rs 407 crore in the fiscal year ending March 2023 from Rs 136 crore in FY22. Ahead of FY23, Perfios acquired fintech startup Karza Technologies and the Rs 600 crore acquisition seems to have paid off as the latter alone booked Rs 168 crore in revenue and Rs 51 crore profit after tax in the last fiscal year. Perfios becomes the second unicorn of 2024 from the Indian startup ecosystem. Last month, Bhavish Aggarwal’s artificial intelligence startup Krutrim SI Designs announced that it raised $50 million at a valuation of $1 billion.

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.

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