According to reports, business-to-business (B2B) e-commerce company Jumbotail raises Rs 151 crore in a funding round led by Singapore-based venture capital firm Artal Asia.

The Bengaluru-based Jumbotail said it will use the cash to boost its go-to-market products and services for fresh and emerging brands.

There were also contributions from Heron Rock, Sabre Investment, Arkam Ventures, Jarvis Reserve Fund, and Reaction Global in the funding round.

An $85 million funding round in Jumbotail was led by Artal Asia in 2021.

The fresh cash has enabled Jumbotail to collect $143 million in equity funding from investors like Heron Rock, Nexus Venture Partners, Kalaari Capital, and Arkam Ventures.

“Jumbotail is aiming to be fully profitable on an operational basis across (its) entire network before the end of 2024,” says cofounder and chief operating officer Ashish Jhina.

The business reported a loss of Rs.264 crore on revenue of Rs.819 crore in the previous fiscal year.

The firm has an online business-to-business marketplace for kirana shops and a fintech platform for offering payment, credit solutions and financial services. It faces stiff competition from Bengaluru-based firms Udaan and Ninjacart.

The value of Udaan had dropped from $1.8 billion to a meager $1.5 billion during the down round. The firm has been reducing operations over the last 12-18 months to cut costs, and reported a 43 percent decrease in gross revenue to Rs 5,629 crore for FY23, while the loss fell to Rs 2,075, from Rs 3,123 crore in FY22.

“We will strengthen our leadership position by going deeper into our existing markets and by helping brands reach kiranas with the lowest total cost of activation and the fastest route to market in the sector,” Jhina adds.

The company, on the other hand, has stepped up its game over the past year to offer a marketplace for farmers and traders and assist them in obtaining financial services, as co-founder and chief executive Kartheeswaran KK told ET in October last year. He said at the time that the firm was targeting revenue of more than Rs 2,500 crore in the current fiscal year, compared to Rs 1,212 crore in the previous fiscal year.