SC Ventures, the investment branch of Standard Chartered, led a $120 million (€102.4 million) Series D funding round for Jumbotail, an online platform for small food stores in India. The firm also completed the sale of Solv India, a financial services company, to Jumbotail.
Jumbotail operates a B2B marketplace, warehousing, and logistics, serving over 500,000 small grocery shops called kiranas across India. It connects these shops to food brands, farmers, and producers. The platform also provides payment options through a mobile app and offers working capital with lending partners. The new funds will help Jumbotail boost its operations and improve AI features.
Kirana stores make up most of India’s fast-moving grocery sales but are losing ground as customers turn to online shopping. Platforms like Jumbotail help small stores digitize, get credit, and compete with larger players.
Other investors, including Singapore-based venture firm Artal Asia, joined SC Ventures in this funding round. Jumbotail said total investment since it started in 2015 has now topped $263 million.
Jumbotail also completed its purchase of Solv India from SC Ventures. Solv is a B2B commerce and financial services platform with over 220,000 users. SC Ventures began supporting Solv in 2019. The sale is expected to give Standard Chartered a profit of about $200 million in its second quarter of 2025.
The merged firm will be led by Jumbotail co-founders S Karthik Venkateswaran and Ashish Jhina. Gautam Jain, chair of Solv and a member of SC Ventures, will join Jumbotail’s board.
Jhina said the acquisition will change things for the company.
“With Solv, we now help thousands of brands and MSME sellers reach more than 500,000 small shops in over 400 cities across India. Kirana owners are key to building a strong and fair retail system in India,” he explained.
Jumbotail aims to support one million retailers serving 400 million middle-income Indian consumers through small, modern convenience stores. The firm believes India’s B2B e-commerce sector could reach 5% of the country’s $6 trillion economy by 2030.
This new funding will lift hopes for India’s kirana-focused e-commerce sector, which has seen less investment in recent years.
In June, rival platform Udaan announced it raised $114 million in a Series G funding round led by M&G Investments and Lightspeed. This came after Udaan raised $340 million earlier, during tough investment conditions. Its valuation dropped by half between 2020 and 2024. Udaan said the latest funding shows strong investor confidence and progress toward a planned stock market listing.