Standard Chartered’s venture arm has successfully sold its incubated startup, Solv, to Jumbotail, a prominent Indian B2B commerce marketplace.
Founded in 2019, SC Ventures established Solv India to deliver a digital commerce and supply chain finance platform tailored for micro, small, and medium enterprises (MSMEs). Jumbotail, which began operations in 2015, stands out as one of India’s leading e-commerce B2B platforms for food and grocery, while also providing software solutions that help small retail entrepreneurs, known as kiranas, modernize and digitize their operations.
This acquisition positions Jumbotail and Solv to develop a comprehensive B2B e-commerce platform that caters to the commercial and financial needs of kiranas, along with a variety of MSMEs.
Ashish Jhina, co-founder and COO of Jumbotail, stated, “We believe that millions of India’s kiranas and MSME entrepreneurs are crucial for fostering a more efficient, resilient, and inclusive economy. The unique blend of Jumbotail’s expertise in the food and grocery value chain, coupled with Solv India’s specialized capabilities in sectors like apparel, home furnishings, footwear, and toys, presents immense potential.”
Gautam Jain, chairman of Solv and operational member of SC Ventures, noted, “We launched Solv India as part of our SMEs & World Trade initiative, and successfully positioned it among the top players in India’s B2B e-commerce landscape. The integration of Solv India into Jumbotail will pave the way for a significant multi-category B2B e-commerce platform in India, potentially transforming the lives of hundreds of millions of people.”
The financial details of the acquisition have not been disclosed.