🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

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.

Related News

Jumbotail turns unicorn after $120 Mn Series D round

EntrackrEntrackr · 1m 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.

Zomato-backed AdOnMo raises $7 Mn

EntrackrEntrackr · 1y ago
Zomato-backed AdOnMo raises $7 Mn
Medial

Ad-tech firm AdOnMo has raised Rs 58.21 crore (around $7 million) in its Series B1 round. This is the first major infusion in the Hyderabad-based company after its Series A round led by Zomato last year. The board at AdOnMo has passed a special resolution to issue 36 equity and 4,156 CCPS at an issue price of Rs 1,38,850 each to raise Rs 58.21 crore or $7 million, its regulatory filing with the RoC shows. Healthcare veteran Ravindranath Kancherla and his son Kancherla Pruthvinath injected Rs 16.6 crore while Qatar Insurance Company and ZNL Growth (Z Nation Lab) pumped in Rs 8 crore and Rs 1.80 crore, respectively. Three dozen individual investors including Manish Kailash Chhabra, Vindhya Guduru, Vikram Malhotra, Usha Reddy Chigarapalli, and Desireddy Srinivasa Reddy also invested in AdOnMo’s Series B round. The company will use these investments for business expansion and to meet working capital requirements, according to the filing. According to the startup data intelligence platform TheKredible, AdOnMo has been valued at around Rs 858 crore or $105 million (post-money). During the ongoing fiscal year, the company also raised Rs 20 crore in debt from Northern Arc and Alteria Capital. Founded in 2016 by Sandeep Bommireddi and Sravanth Gajula, AdOnMo is an ad-tech company which provides targeted digital advertising to outdoor digital screens (residential & corporate parks) across 21 cities. As of now, the company has raised around $25 million across rounds including its $15 million round led by Zomato last year. Before this round, Zomato was the largest external stakeholder with a 17.49% stake followed by BAce Capital and Astarc Ventures. AdOnMo grew at a rapid clip in the last fiscal year as its revenue from operations surged four-fold to Rs 75 crore in FY23. Meanwhile, the company’s losses stood at Rs 38 crore in the same period.

Download the medial app to read full posts, comements and news.