B2B e-commerce platform Jumbotail has acquired its competitor, Solv India, in a deal reportedly worth $50 million in cash and equity. While the exact financial terms remain undisclosed, the acquisition has received approval from SC Ventures, the venture capital arm of Standard Chartered Bank, which backs Solv India. The transaction is subject to regulatory clearance.
Following the merger, Jumbotail’s co-founders, Karthik Venkateswaran and Ashish Jhina, will continue to lead the company. Additionally, Gautam Jain, SC Ventures’ operating member and Solv India’s board chairman, will join Jumbotail’s board. The acquisition strengthens Jumbotail’s market position, expanding its offerings beyond groceries and food to include apparel, home furnishing, footwear, and toys—Solv India’s key segments.
Founded in 2015, Jumbotail operates a wholesale marketplace for grocery and food products, serving over 50,000 kirana stores across India. Solv India, launched in 2019, focuses on digital commerce, supply chain solutions, and financing for MSMEs.
Jumbotail’s revenue surged 117% to ₹819 crore in FY23, though net losses also grew to ₹264.16 crore. The acquisition of Solv India is expected to accelerate its growth in India’s competitive B2B e-commerce landscape.
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