Heron Rock, Sabre Investment, Arkam Ventures, Jarvis Reserve Fund, Reaction Global, VII Ventures and others also participated in the round.

Jumbotail said it plans to invest funds in scaling its suite of go-to-market (GTM) products and services for new and emerging brands to reach mass-market consumers via its kirana store network.

“Jumbotail is the fastest and capital efficient way for brands to access over 100 million urban middle-class consumers via the Kirana stores on its platform. We expect to be fully profitable on an operational basis across our entire network before the end of 2024,” said Ashish Jhina, Co-founder and COO, of Jumbotail.

Jumbotail is building AI-driven technologies to drive higher customer wallet share by leveraging its deep sourcing capabilities across FMCG and staples, along with its kirana supply chain.

With over 60 per cent market penetration of kiranas, Jumbotail said it has the highest wallet share and monthly purchase frequency of small and medium kirana stores in the industry.

“Since Artal’s first investment in Jumbotail in 2021, Jumbotail has continued to demonstrate its differentiation and market leadership in the digital enablement of the kirana ecosystem,” said Benjamin Felt, Board Member of Jumbotail and Managing Director of Invus, the global advisor of Artal.

An estimated 12 million kirana stores in the country control more than 95 per cent of the $600 billion food and grocery market.

Jumbotail said it has raised a total of $143 million in equity to date, and $14 million in venture debt from leading firms Alteria Capital and Innoven Capital.