India, April 22 -- "This is not true, we are not acquiring or merging with Solv," Jumbotail cofounder and CEO Karthik Venkateswaran told Inc42 in late December 2024, when Inc42 reached out for a comment based on market speculations.

Exactly three months later, Jumbotail announced it would be acquiring Standard Chartered-backed Solv. In a joint statement, the companies said, "SC Ventures - Standard Chartered's innovation, fintech investment and ventures arm, has agreed to the acquisition of its incubated venture, Solv India, by Jumbotail, one of India's leading B2B marketplaces."

Just to give some context, SC Ventures incorporated Solv India in 2019 to give a shot at organising the $500 Bn primarily unorganised grocery industry in India....