The Startup Ideas for the company was inspired by Karthik's previous startup in Madurai, which aimed to directly connect farmers with customers.
However, this startup failed as it could not identify the demand of customers and failed to create the desired demand.
This led to the failure of the startup. Later, Karthik and Ashish met at a mutual friend's wedding and discussed the opportunity to organize the unorganized grocery industry, which resulted in the creation of Jumbotail. Learn More Grofers Business Model
Later he researched on demand and supply and to give a new start while Ashish experienced same thing, they both met at stanford University and later in their mutual friend wedding where they discussed the idea.
How unorganised Grocery Industry can be organised, they implemented and started the idea they discussed about . This gave born to Jumbotail Online Shopping.
The failed startup from 2008 was reestablished in 2015 after a 7-year gap. During this time, the entrepreneur gained valuable insights in Market Research, demand, supply, customer behavior, and customer relations.
This newfound knowledge has led to the current success and recognition as one of the best Startups.
They Both individuals gained a Strong Understanding of the market while working at Flipkart and eBay, with Ashish also working at BCG. Read More BigBasket Business Model
After acquiring this knowledge, they put it into practice and founded Jumbotail.
Jumbotail Business Model
Jumbotail is a startup that used to supply goods from wholesale shops. Its success was largely due to the implementation of six strategic initiatives.
The main focus was to develop a problem-solving product, which resolved five key issues faced by customers: buying difficulties, stock and transportation challenges, financial concerns, warehouse problems, and limited product variety.
The Second Strategy Jumbotail employed was to make their product easily accessible.
They designed their application to be user-friendly and uncomplicated, eliminating any potential difficulties for the customer.
The Third Strategy was to create a Time-Saving Product.
They added a feature in their app that allowed customers to check product availability, stock, margin, and other information.
This not only saved money, but also reduced the need for additional staff, contributing to the success of this strategy.
The Fourth Strategy Jumbotail employed was "Hum or Aap", which eliminated the need for intermediaries and saved both time and money, resulting in an increased customer base.
The Fifth Strategy was effective customer relationship management.
This played a crucial role in the growth of the company, especially since it was established in 2015 when the number of smartphone users was limited and some customers had issues with mobile data recharge.
Jumbotail addressed this issue by providing recharge services and adding these customers to their list, strengthening the relationship with their clients.
By offering discounts and rewards for good purchases, they were able to maintain a strong customer relationship, leading to an 80% retention rate. Read More Doodhwala Business Model
Sixth Strategy which they worked on was balance , which means they balanced their service , technology and product.
They did 60 - 70% Market fulfilment to 95 % this helped the clients to growth of 30 %.
This helped to get massive customer base to jumbotail.
Now they were even supplying products to store and hotels, Because of this 6 strategy jumbo tail grew at massive pace.
Jumbotail Founders
Jumbotail was founded by S. Karthik Venkateswaran andAshish Jhina,who were classmates at Stanford MBA.
Jumbotail Founders - Ashish Jhina (Left) and Karthik Venkateswaran
Karthik has a background in the Indian army and has extensive experience in Marketplace technology from his work at eBay-US and Flipkart.
Jumbotail Tagline and Logo
Jumbotail defines itself as India's leading wholesale food and grocery platform and a new retail platform.
The company uses the tagline "Jai Jawan, Jai Kisan, Jai Dukaan" which reflects their target market of e-commerce Indian Kirana stores.
Jumbotail Mergers and Acqisiotion
Jumbotail, an online wholesale marketplace for grocery and food items, announced on Friday that it has raised an additional $14.2 million in its ongoing effort to digitize neighborhood stores in India, the world's second-largest internet market.
The five-year-old Startup reported that the new funding was part of its Series B financing round and was led by VII Ventures, with participation from Nutresa, Veronorte, Jumbofund, Klinkert Investment Trust, Peter Crosby Trust, Nexus Venture Partners, and Discovery Ventures.
The new funding marks the conclusion of its Series B round, which began in 2019 with a $12.7 million tranche.
The company raised a total of $44 million in total during its Series B round, bringing its total equity investment to date to approximately $54 million, according to the publication.
Jumbotail Competitors
Jumbotail competes with several companies in the B2B wholesale e-commerce space in India, including Udaan, NinjaCart, and Jivrus.
%20and%20Karthik%20Venkateswaran.png "Jumbotail Founders - Ashish Jhina (Left) and Karthik Venkateswaran")
0 Comments