Standard Chartered's venture arm has sold its incubated startup Solv to Indian B2B commerce marketplace Jumbotail.
Founded in 2019, SC Ventures incubated Solv India to provide a digital commerce and supply chain finance platform for MSMEs.
Established in 2015, Jumbotail operates one of India’s leading ecommerce B2B marketplaces for food and grocery. It also provides software for small retail entrepreneurs (kiranas) to modernize and digitize their stores.
Combined, Jumbotail and Solv will become a multi-category B2B ecommerce platform that supports the commerce and fintech needs of kiranas, as well as micro, small and medium enterprises.
Ashish Jhina, co-founder and COO of Jumbotail, says: “We believe that millions of India’s kiranas and MSME entrepreneurs should and will play a pivotal role in creating a more efficient, resilient and inclusive economy. Jumbotail’s strength across the entire food and grocery value chain, and Solv India’s differentiated capabilities in apparel, home furnishing, footwear and toys is a unique combination with immense potential."
Gutam Jain, Solc chairman and operating member, SC Ventures, says: “We incubated Solv India under our SMEs & World Trade theme and scaled it to become one of the top players in India’s B2B ecommerce sector. The acquisition of Solv India by Jumbotail will create a significant horizontal multi-category B2B ecommerce platform in India with the potential to transform the lives of hundreds of millions of Indians.
Financial terms were not disclosed.