Jumbotail Technologies Pvt. Ltd, which runs an online marketplace for food and groceries targeted at wholesale buyers, has raised Rs 14.2 crore (about $2 million) from existing investor Nexus Venture Partners.
This is part of Jumbotail’s Series B round of funding, multiple media reports said, citing the startup’s filings to the Ministry of Corporate Affairs.
The development comes after Jumbotail in June raised Rs 90 crore ($12.5 million) in its Series B funding round led by Heron Rock, an omni-stage venture fund with offices in Toronto and San Francisco.
Capria Fund, BNK Ventures, William Jarvis and Nexus had also participated in the round. Prior to that, the company had raised $8.5 million (Rs 55 crore) from Kalaari Capital and Nexus.
VCCircle has reached out to Jumbotail on the details of the investment and will update this report accordingly.
The startup was founded in November 2015 by Stanford University alumni S Karthik Venkateswaran and Ashish Jhina. It offers a wide selection of products, including staples, spices, dry fruits, packaged foods and other fast-moving consumer goods items.
It also runs the supply chain network process for goods procurement, last-mile delivery, financial technology solutions such as payment and credit for kirana store owners, as well as point-of-sale integration for omnichannel sales operations.
Deals in the B2B e-commerce space
There has been considerable investor interest in the B2B e-commerce space, with startups catering to various segments as they seek to offer streamlined, efficient and organised procurement and supply chain services to businesses of all sizes.
In September, Udaan raised around $300 million (around Rs 2,166 crore) in its Series D funding round from investors including Altimeter Capital and Footpath Ventures. The funding came a year after the startup raised $225 million (around Rs 1,593 crore) in its Series C round from DST and Lightspeed Venture Partners.
In August, ShopKirana E-Trading Pvt. Ltd raised Rs 71.4 crore (around $10 million) in a funding round led by Info Edge (India) Ltd, which owns portals including job site Naukri.com.