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Jumbotail, a new retail platform and B2B marketplace for food and grocery products, has raised Rs 35 crore from Alteria Capital. This venture debt round comes after a $25 million equity round concluded in January 2021. The company plans to use the funds to expand its operations across the entire country, fund its working capital requirements, and scale its SME focused fintech business. Ashish Jhina, co-founder, Jumbotail, said, “Covisd has accelerated the digital transformation of the food and FMCG sector and it is very evident to all players that digital marketplaces are indispensable for their continued growth. We are seeing rapid adoption of our platform and services from retailers and brands across all geographies. Our J24 store network is growing fast and a large number of FMCG brands are signing up for our go-to-market suite of services to get national reach. We are looking to bring in more top talent across the entire company to power this explosive growth.” ....
PhonePe-Indus OS deal goes awry Want this newsletter delievered to your inbox? SUBSCRIBE Thank you for subscribing to Morning Dispatch We ll soon meet in your inbox. / Morning Dispatch Good morning, Monday’s here, and so are the big scoops by ETtech’s most wired reporters. Today’s edition is packed with exclusives you won’t find anywhere else! Last week we reported that PhonePe was in talks to acquire Indus OS, a homegrown content and app discovery platform with its own Android app store, for $60 million. But then, a minority investor objected to the terms of the deal and the matter is now before the Supreme Court of Singapore. ....
Kenyan start-ups secure record funding in Africa Monday May 03 2021 The entrepreneurial spirit has been growing across Kenya’s agri-tech, e-commerce, fintech and logistics sub-sectors. The growth has attracted large funding rounds from international venture capitalists (VCs) and institutions on solid and proven investments. Between 2015 and 2020, for example, investments in the country increased to Sh26 billion from Sh20.8 billion ($191.4 million), representing a 27.3 percent of the continent’s total investment. Nigeria came second with Sh16.3 billion followed by South Africa (Sh15.5 billion), Egypt (Sh15.4 billion), Ghana (Sh2.2 billion) and Morocco at Sh1.1 billion. “This is the largest amount of funding ever achieved by a single country. The record was previously also held by Kenya, when in 2019 the country’s start-ups netted Sh16.2 billion ($149.2 million),” Disrupt Africa Tech Startups 2020 Funding report shows. ....