B2BgrocerymarketplaceJumbotail has doubled its gross merchandise value to Rs 2,262 crore in FY23 as compared to Rs 1,128 crore in FY22 on the back of expansion and deeper penetration into customer’s wallet share, said Ashish Jhina, co-founder of the startup.
Along with a 100 per cent rise in its GMV, the brand claims to have achieved profitability for 1/3rd of its business, that is, Jumbotail’s net revenues are higher than the cost of operations in about 1/3rd of its operating cities.
In the next 12 months, the startup aims to have all its cities operating profitably on the back of it investments in AI-driven products for growth and cost optimization.
“We’re at a point, where our margins are enough to cover the cost of operating the cities. And we have enough headroom to continue to grow and improve margins.”
In addition to doubling its revenue in the current fiscal year, the startup aims to grow its customer base by 65 per cent to reach 4,00,000 kirana stores. The B2Bmarketplace also plans to increase the number of its J24 stores to 300 stores.
In FY22, Jumbotail’s operating revenue increased to Rs 377 crore. However, its losses too surged by 177 per cent to Rs 121 crore on the back of increased expenses.