Food & grocery wholesale marketplace Jumbotail raises USD 8.5 million for Series A
Founders: S. Karthik Venkateswaran, Ashish Jhina
Founded in: 2015
Financing status: USD 8.5 million Series A round in 2017
Food and grocery wholesale marketplace Jumbotail has raised USD 8.5 million for its Series A financing round from Kalaari Capital and Nexus Venture Partners.
Jumbotail was founded in 2015 by Stanford alumni S. Karthik Venkateswaran and Ashish Jhina. The team consists of alumni from Stanford, CMU, IIT, and BITS who have industry experience from companies like Amazon, Flipkart, ebay, BCG, Housing, and Grofers.
Jumbotail is an online wholesale marketplace for food and grocery. The startup aims to organize the food and grocery ecosystem in India using technology, data science, and design. The startup sets up a food and grocery ecosystem through intelligent technology to increase the efficiency for product discovery, distribution costs, stock-outs, and pricing. Jumbotail serves wholesale customers like Kirana Stores. About 98 percent of India’s food and grocery consumption is via Kirana Stores, which is shared by Kalaari Capital Partner Bala Srinivasa.
Ashish Jhina, co-founder & COO of Jumbotail, said that manufacturers and brands can get direct and targeted access to thousands of retailers and institutional customers through Jumbotail’s platform without the need to invest in physical distribution networks.
The startup will use the newly raised investment to build on its technology and to enhance operational capabilities.
E-commerce marketplace Moglix raises USD 12 million for Series B
Founders: Rahul Garg
Founded in: 2015
Financing status: USD 12 million Series B round in 2017
E-commerce marketplace startup Moglix has raised USD 12 million for its Series B financing round. The round saw participation from International Finance Corporation (IFC) and Rocketship. Existing investors Accel Partners, Jungle Ventures, Shailesh Rao (former Vice President of Twitter and Google), and Venture Highway also participated in this financing round. Moglix had also received Tata Sons’ Chairman Emeritus Ratan Tata’s support with an undisclosed investment round last year.
Moglix was founded in 2015 by Rahul Garg, who was previously head of advertising exchange at Google Asia.
Moglix is an e-commerce platform specializing in the procurement of industrial products. It has built a technology platform where demand and supply can be matched through price discovery and product availability. On the platform, it provides products such as fasteners, electrical, hardware, lighting, power tools, hand tools, and safety items. It serves both institutional customers (B2B) from the industry as well as individual customers (B2C) across India.
The startup will use the newly raised investment to support and further strengthen its technology solution in supply chain and manufacturing domain, boost infrastructure growth, and facilitate geographical expansion plans.
(Top photo from Jumbotail)