New Delhi: B2B grocery marketplace Jumbotail has doubled its gross merchandise value to Rs 2,262 crore in FY23 as compared to Rs 1,128 crore in FY22 on the back of expansion and deeper penetration into customer’s wallet share, said Ashish Jhina, co-founder of the startup.
Along with a 100 per cent rise in its GMV, the brand claims to have achieved profitability for 1/3rd of its business, that is, Jumbotail’s net revenues are higher than the cost of operations in about 1/3rd of its operating cities.
Without sharing FY23 revenues, Jhina said that next year, Jumbotail is eyeing to more than double its net revenue driven by an increase in both the GMV and margins of the company.
“We’re at a point, where our margins are enough to cover the cost of operating the cities. And we have enough headroom to continue to grow and improve margins.”
In addition to doubling its revenue in the current fiscal year, the startup aims to grow its customer base by 65 per cent to reach 4,00,000 kirana stores. The B2B marketplace also plans to increase the number of its J24 stores to 300 stores.
In FY22, Jumbotail’s operating revenue increased to Rs 377 crore. However, its losses too surged by 177 per cent to Rs 121 crore on the back of increased expenses.