India, March 26 -- B2B ecommerce platform Jumbotail is acquiring rival marketplace Solv India for an undisclosed amount.

In a statement, Solv India said that its investor Standard Chartered Bank's venture capital arm, SC Ventures, has greenlit its acquisition by Jumbotail. The deal will be subject to regulatory approvals.

While the statement didn't mention the size of the deal, last month a report said that it would be pegged at around $50 Mn and will be a mix of cash and equity

The consolidated entity will be led by Jumbotail cofounders Karthik Venkateswaran and Ashish Jhina. Meanwhile, SC Ventures' operating member and Solv India's board chairman Gautam Jain will join Jumbotail's board.

The acquisition will pave the way for a major ...