MARCH 20249TOP STORIESB2B MARKETPLACE STARTUP JUMBOTAIL SECURES RS.151 CRORE IN ITS LATEST FUNDINGJumbotail, a prominent B2B marketplace and new retail platform for food and grocery has successfully raised INR 151 crore ($18.2 million) in its Series C3 equity funding round. The funding was led by Artal Asia Pte. (Artal), with participation from Heron Rock, Sabre Investment, Arkam Ventures, Jarvis Reserve Fund, Reaction Global, VII Ventures, and other investors.This latest round of funding brings Jumbotail's total equity raised to $143 million, with previous investments from Artal, Heron Rock, Nexus Ventures, Kalaari Capital, Jumbo Fund, Arkam Ventures, as well as venture debt firms Alteria Capital and Innoven Capital providing an additional $14 million in venture debt.The funds raised will be primarily allocated towards scaling Jumbotail's suite of Go-To-Market (GTM) products and services. These initiatives aim to assist new and emerging brands reach mass-market consumers through Jumbotail's extensive nationwide Kirana store network. Leveraging artificial intelligence (AI)-driven technologies, Jumbotail aims to optimize customer engagement and increase wallet share by leveraging its deep sourcing capabilities across fast-moving consumer goods (FMCG) and staples. INDIA'S MINERAL PRODUCTION SEES 5.9 PERCENT YOY GROWTHIndia's mineral production from mining and quarrying witnessed a notable 5.9 percent year-on-year growth, as the Press Information Bureau (PIB) reported on Wednesday. The surge in production was primarily driven by the robust demand for coal, with the country producing over 99.8 million tonnes of coal during the period.India, the world's second-largest coal consumer, experienced a surge in coal-fired electricity generation in January, reaching record-high levels. This increase in electricity generation was fueled by rising demand for air conditioning, resulting in power generation firms maintaining substantial coal usage and minimal shifts to alternative energy sources.Furthermore, other essential minerals like iron ore, crucial for steel production, also witnessed a significant uptick in sales value, recording a remarkable year-on-year growth of nearly 41 percent. India's iron ore production stood at 25.2 million tonnes during the reported period, reflecting the country's growing steel demand.The PIB release also highlighted substantial growth in the production of minerals such as Magnesite, which is utilized in the production of synthetic rubber, with a growth rate exceeding 90 percent. Similarly, copper concentrate production, essential for refined copper manufacturing, saw a notable increase of over 34 percent.
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