SC Ventures, a unit of Standard Chartered focused on innovation and investment in new ventures, has sold its incubated company Solv India to Jumbotail. This transaction, completed following approval from the Competition Commission of India, merges Solv India with one of India's major B2B marketplaces, creating a significant player in the country's B2B ecommerce sector.
"This partnership reflects SC Ventures' commitment to advancing financial inclusion and empowering micro-small and medium enterprises (MSMEs) — the economic backbone of the markets we serve," stated Alex Manson, CEO of SC Ventures. He emphasized that MSME entrepreneurs will play a vital role in shaping an inclusive retail ecosystem in India.
Jumbotail and Solv India already cater to over 500,000 small retailers across 400 cities. The merged entity aims to support India's small retailers (kiranas), MSMEs, and brands by providing services across various sectors such as food and grocery, apparel, home furnishing, toys and sports equipment, footwear, and consumer electronics.
Solv India was established by SC Ventures in 2019 as a digital commerce platform for MSMEs. "Rooted in a shared vision of responsible innovation with real impact for India's entrepreneurs," remarked Gautam Jain, Chairman of Board at Solv India and Operating Member at SC Ventures. He highlighted that the platform will empower small retailers through technology-driven solutions.
The leadership of the combined company will include S. Karthik Venkateswaran and Ashish Jhina from Jumbotail. Jain will join Jumbotail's board representing SC Ventures. Venkateswaran noted that their mission extends beyond commerce; it's about supporting small businesses and fostering job growth within India's economy.
Following this acquisition, Standard Chartered anticipates reporting a gain of approximately $0.2 billion for the second quarter of 2025.
For more details on SC Ventures' activities or inquiries related to this transaction, contact Chi-an Chang at PR & Communications for SC Ventures or visit www.scventures.io.