Jumbotail Acquires Solv India to Build Multi-Category B2B Ecommerce Giant
Jumbotail, a B2B ecommerce platform, is acquiring Solv India, an SC Ventures-incubated startup, for an unspecified sum. The combined entity will be a multi-category B2B ecommerce platform addressing the commerce and fintech requirements of kiranas and MSMEs. Jumbotail Co-founders S Karthik Venkateswaran and Ashish Jhina will head the merged entity, while Gautam Jain, Chairman of the Board of Solv India and Operating Member of SC Ventures, will become a member of Jumbotail's board.
"Jumbotail's food and grocery value chain strength coupled with Solv India's apparel, home furnishing, footwear, and toys capabilities presents a compelling opportunity", said Ashish Jhina, Co-founder and COO of Jumbotail. Jain highlighted that the acquisition would create a top horizontal multi-category B2B platform in India, touching millions of small businesses.
SC Ventures, Standard Chartered's fintech and innovation investment arm, had incubated Solv India to offer a digital commerce and supply chain finance platform for MSMEs. The deal is worth approximately $50 million (Rs 425 crore) and will be a combination of cash and equity, Moneycontrol reports. This comes after rumors about Solv CEO Amit Bansal's exit.
Jumbotail, founded in 2015, offers a complete-stack B2B marketplace, tech-enabled warehousing, and last-mile delivery to kirana stores. It also offers fintech services such as payments and credit facilities to small retailers. The acquisition makes Jumbotail a significant player in the B2B ecommerce market in India, combining several categories of products and financial products under a single umbrella.
