Jumbotail, an online marketplace for food and grocery, today said it has raised USD 8.5 million (over Rs 55 crore) from Kalaari Capital and existing investor, Nexus Venture Partners.
The company plans to utilise the funds for strengthening its technology platform and enhancing operational capabilities, Jumbotail said in a statement.
Jumbotail will also expand its team, but details of the same were not disclosed.
Founded in November 2015, Jumbotail serves thousands of wholesale customers such as kirana stores and HORECA (hotel/restaurant/cafe) businesses in Bengaluru.
The Bengaluru-headquartered firm has previously received a funding of USD 2 million from NVP.
Jumbotail provides services including storefront delivery and payments collection for its sellers as well as working capital credit from third-party credit providers.
Manufacturers and brands can instantly get direct and highly targeted access to thousands of retailers and institutional customers through the Jumbotail platform without needing to invest in expensive physical distribution networks, Jumbotail co-founder and COO Ashish Jhina said.
"About 98 per cent of India's food and grocery consumption is via kirana stores. Jumbotail brings technology centric innovation to address massive inefficiencies in terms of product discovery, distribution costs, stock outs, and pricing," Kalaari Capital Partner Bala Srinivasa said.
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