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Jumbotail doubles gross merchandise value

By Retail4Growth Bureau | May 25, 2023

The B2B marketplace and New Retail platform which reportedly serves 250,000 kirana stores across the country, says it saw a 100% growth in Gross Merchandise Value (GMV), 110% growth in Net Revenues and profitability in one third of the business during fiscal 2023. 

Jumbotail logoJumbotail, the leading online B2B marketplace and New Retail platform for food & grocery serving over 250,000 kirana stores across 50+ major cities and towns covering 3600 pin codes, has announced its results for the Fiscal Year 2023. 

The startup has marked a 100% YoY increase in Gross Merchandise Value (GMV) (net of cancellations and returns), reaching ₹ 2262 crore in FY23, up from ₹ 1128 crore in FY22. This growth was driven by deeper penetration into retailer wallet share and a successful national expansion strategy. Jumbotail has ended the year strongly with key regions, constituting one third of its business, now operating profitably, says the company statement.

Ashish Jhina, Co-founder and COO Jumbotail said, "We are very satisfied with our performance in FY23. With the enthusiastic response from over 2000+ national and regional brands and manufacturers listing on our platform, and with our customers' trust in our platform and service, we have broadened our reach and deepened our presence across the nation. Moreover, our organic growth, with 100% of orders coming via the Jumbotail app without any salesforce taking orders, and with over 3x higher average buying frequency per kirana per month in our platform compared to other platforms, highlights our focus on driving profitability via technology leadership and a successful digital-first approach."

The company says its plan for FY24 includes further doubling of net operating revenues, growing its customer base by ~65% to reach 400,000 kirana stores, and increasing the number of J24 stores to 300 stores (serving 1 million consumers for their daily grocery needs). With investments in AI-driven products for growth and cost optimization, the company aims to have all its cities operating profitably in the next 12 months, it informs.

Ashish Jhina added, “As we look forward to FY24, we intend to continue our strong trajectory of driving sustainable growth and profitability, thereby further consolidating our leadership in the market. We plan to hire top talent in a wide range of functions across category management, product management, marketing, supply chain planning and design, tech, AI/ML, Decision Science, and UX Design to drive our FY24 goals." 

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