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New Delhi: B2B food and grocery marketplace Jumbotail has raised USD 18.2 million (around Rs 151 crore) in an extended Series C round, Ashish Jhina, co-founder and COO of the company told ETRetail. The e-tailer plans to use the funds to scale its go-to-market strategy.
The round saw participation from internal and external investors including Heron Rock, Sabre Investment, Arkam Ventures, Jarvis Reserve Fund, Reaction Global, and VII Ventures and was led by Artal Asia.
Sharing financial details of the deal, Jhina said that the new fundraise is an all-equity deal at its last valuation. In January 2021, the company raised USD 85 million from Artal Asia.
With the new fund influx, the B2B marketplace has raised a total of USD 143 million in equity and USD 14 million in debt since 2015.
Jhina shared that Jumbotail is aiming to close the financial year 2024 at a GMV of 2,500 – 2,600 crore, with a 50 per cent increase in net revenues. In FY23, the B2B e-tailer’s revenue stood at Rs 819 crore with losses at Rs 264 crore.
Without sharing revenue targets for the next fiscal, he said that the brand is focusing on profitability for the coming years. “By the end of 2025 we will be profitable at a city level across all the cities we are present in.”
While the company drives the majority of its revenues from its marketplace, it sees a 10-15 per cent contribution from its private label brands. Additionally, Jumbotail is working on driving revenues from advertisements and its J24 model under which the company revamps traditional 400 – 500 square feet Kirana stores into new-age modern stores to unlock more growth opportunities for Kiranas.
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