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Indian online grocery startup Jumbotail raises $8.5 mln in funding

Amazon's hunt for a German grocer

No bidders emerge for Ultra stores
No successful bidders emerged in a bankruptcy auction late last week for 11 Ultra Foods stores, owner Central Grocers said. The cooperative distributor said the auction for those properties was adjourned to an unspecified date. The 11 stores in the auction were previously closed by Central, which filed for Chapter 11 bankruptcy protection in May, two days after its suppliers sought to force it into a Chapter 7 bankruptcy. Those cases were subsequently merged as a Chapter 11 case commencing on the earlier date. (supermarketnews.com

Amazon's hunt for a German grocer
Experts are predicting that Amazon is hunting for German food retailers to bolster its growing grocery business. They think Amazon wants to control the supply chain from website orders to delivery, and can only do this by buying existing grocery and logistics firms. Amazon Fresh currently relies on partnerships with German suppliers, such as supermarket chain Tegut. But Rainer Münch, partner at consultancy Oliver Wyman, said that Amazon most likely plans to eventually own the whole supply chain and offer its own food brands in Germany. (global.handelsblatt.com

Coop Italia reports sales of €13 billion in 2016

Italian retail cooperative Coop Italia has reported a marginal annual growth in sales of 0.2% to €13.1 billion for 2016. There are also positive signs from the first months of 2017, with Coop Italia experiencing a 1.6% growth in sales, and performing better than the market average. The retailer confirmed its leadership position in the hypermarket and supermarket channels with an 18.7% market share. (esmmagazine.com)

Musgrave Group posts €73 million profit in FY 2016

Irish retail group Musgrave Group has reported sales of €3.7 billion for the 2016 financial year, with profit before tax of €73 million. The group also outlined that its net cash was €121 million and shareholder funds were €249 million at year end. (esmmagazine.com)

Edeka introduces Foodstarter as it targets new suppliers
Edeka has unveiled a new online platform, Foodstarter, where new food suppliers can present their products to over 4,000 Edeka merchants. The merchants can then order sample products and ultimately sell these in their stores. Around two to four new products will be introduced weekly on the Foodstarter platform. From an eligibility perspective, suppliers should not yet have a relationship with Edeka and products must not need refrigeration. (igd.com)

Indian online grocery startup Jumbotail raises $8.5 mln in funding
Jumbotail, an Indian startup building an online wholesale marketplace for groceries, has raised $8.5 million in a funding round led by venture firm Kalaari Capital with the participation of Nexus Venture Partners. The Bengaluru-headquartered company will use the new funds to enhance technology and operational capabilities, Nexus said in a statement on Thursday. Founded in 2015 with a funding of $2 million by Nexus, Jumbotail has started operations in the southern city of Bengaluru and plans to gradually expand across the country. (Reuters)

Publication date: 7/6/2017
Author: Jan Willem de Jongste
Copyright: www.freshplaza.com


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