Latest news with #Solv
The Hindu
17 hours ago
- Business
- The Hindu
Jumbotail raises $120 mn, acquires B2B platform Solv India
Jumbotail, a Bengaluru-headquartered B2B marketplace and a platform for food and grocery, on Monday raised $120 million in a funding round led by SC Ventures, the innovation and investment arm of Standard Chartered Plc. The platform also completed its acquisition of Solv India, a B2B commerce and financial services platform incubated by SC Ventures. The deal was approved by the Competition Commission of India (CCI). Existing investors, including Artal Asia, participated in the round. With this, Jumbotail has so far raised $263 million. Ashish Jhina, Co-founder and COO of Jumbotail, said, 'Together with Solv, we now help thousands of brands and MSME sellers reach over 500,000 small retailers across more than 400 cities and towns in India.'' Jumbotail said it would invest the capital to build AI-native solutions and capabilities to scale up its markets. Jumbotail and Solv, together being horizontal B2B e-commerce platforms, serve kiranas, MSMEs, and brands across food and grocery, apparel and fashion, home furnishing, toys and sports, footwear, and consumer electronics.
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Business Standard
a day ago
- Business
- Business Standard
Jumbotail raises $120 million in funding round led by SC Ventures
B2B e-commerce firm Jumbotail has raised $120 million (about Rs 1,027 crore) in a funding round led by the investment arm of Standard Chartered, SC Ventures, the company said on Monday. With this fresh funding, the company has raised $263 million so far. "Jumbotail, India'sB2B marketplace and New Retail platform for food and grocery, has raised USD 120 million in a funding round led by SC Ventures, the innovation and investment arm of Standard Chartered Plc," the company said in a statement. The company will invest the capital to build AI-native solutions and capabilities to cement its leadership, the statement said. Jumbotail also announced the completion of its acquisition of Solv India, which is a B2B commerce and financial services platform incubated by SC Ventures. The deal was approved by the Competition Commission of India (CCI). "Together with Solv, we now help thousands of brands and MSME sellers reach over 5,00,000 small retailers across more than 400 cities and towns in India," Ashish Jhina, Co-founder and COO of Jumbotail, said. Jumbotail and Solv together are serving kiranas, MSMEs, and brands across food and grocery, apparel and fashion, home furnishing, toys and sports, footwear, and consumer electronics. "This integration represents a leap forward in our shared mission to empower MSMEs through technology and financial inclusion, which is a core theme for SC Ventures. Jumbotail and Solv now form a platform committed to responsible innovation with real impact for India's entrepreneurs," Gautam Jain, member of SC Ventures, said. Both companies will open new opportunities for brands to quickly and efficiently scale nationally by leveraging their e-commerce platforms, credit, and go-to-market/ marketing solutions. "With strong fundamentals, a clear path to profitability and a motivated mission-driven team, Jumbotail and Solv are together well positioned to lead India's B2B commerce transformation across categories of mass market consumption," Jumbotail Co-founder and CEO, S Karthik Venkateswaran, said.
Yahoo
13-03-2025
- Business
- Yahoo
Solv Raises $10M for Bitcoin Reserve Offering to Drive Institutional BTC Finance Adoption
Bitcoin (BTC) staking platform Solv has raised $10 million for its Bitcoin Reserve Offering (BRO) as it aims to build a $100 million BTC reserve. BRO merges aspects of traditional convertible bonds with crypto-native features to drive institutional adoption of BTC finance, according to an emailed announcement shared with CoinDesk on Thursday. Solv is attempting to offer an "on-chain MicroStrategy" model, referencing the Michael Saylor-founded software company that now owns nearly 500,000 BTC. BRO may appeal to institutions who wish to invest in BTC as a store of value in a similar way to Strategy (as MicroStrategy is now called) but without physically purchasing and holding it themselves. Furthermore, they may be seeking a more active yield-generating form of BTC investment. Solv will deploy the BTC raised to various yield-generating vehicles, such as liquid staking tokens, and invested across decentralized finance (DeFi), real-world assets (RWAs) and institutional finance products. "What this means is that Solv's protocol-owned Bitcoin Reserve will be active and productive, rather than having the BTC sitting idle," Solv said in Thursday's announcement. Sign in to access your portfolio
