New Delhi, June 30 -- Jumbotail, a B2B marketplace and retail platform for food and grocery, said Monday it has raised $120 million (around Rs 1,029 crore) in a funding round led by SC Ventures, the innovation and investment arm of Standard Chartered Plc.

Existing investors, including Artal Asia, an affiliate of US-based Invus Group, participated in the round. The company was reportedly valued at $1 billion in this funding round, which makes it the latest entrant to India's growing list of unicorns.

The company plans to invest the capital to build AI-native solutions to become a scalable and more efficient gateway to service mass-market consumption in India. It will also accelerate hiring of top talent across all functions.

With the latest round, Jumbotail's total capital raised to $263 million (around Rs 2,256 crore). Prior to this, the company raised $85 million (around Rs 640 crore) in its Series C funding round led by Artal Asia in December 2021.

Empowering MSMEs

Jumbotail also completed its acquisition of Solv India, a B2B commerce and financial services platform incubated by SC Ventures. The deal, which was announced this March, was approved by the Competition Commission of India (CCI).

"This integration represents a leap forward in our shared mission to empower MSMEs through technology and financial inclusion, which is a core theme for SC Ventures," said Gautam Jain, Member of SC Ventures. Jain will join Jumbotail's Board of Directors.

Both Jumbotail and Solv are B2B e-commerce platforms serving kiranas, MSMEs, and brands across food and grocery, apparel and fashion, home furnishing, toys and sports, footwear, and consumer electronics.

Ashish Jhina, co-founder and chief operations officer of Jumbotail, said, "Together with Solv, we now help thousands of brands and MSME sellers reach over 500,000 small retailers across more than 400 cities and towns in India."

Founded in 2015 by Karthik Venkateswaran and Ashish Jhina, Jumbotail enables kiranas and MSMEs to digitise operations, access credit, and compete effectively in the retail sector. It supports retailers via digital marketplace, logistics network, working capital fintech products, J24 New Retail modern convenience store network, and GoldenEye retail operating system technology solutions.

Published by HT Digital Content Services with permission from VC Circle.