, a Mumbai-based house of D2C brands for celebrations that include IGP.com, Interflora India, IGP for Business, and Masqa, has raised $23.5 million (Rs 187 crore) in a Series B round led by MO Alternate Investment Advisors Private Limited.
The round also saw participation by Convivialité Ventures, global beverage giant Pernod Ricard’s VC arm, and existing investors DSG Consumer Partners, Venture Catalysts, ZNL Growth, and HNI investors.
This is the second round by the company this year. In February this year, the company raised $10 million in a Series A round.
As per the official release, the newly-raised funds will be deployed by Join Ventures to enhance technology and expand its captive dark store network to drive the growth of its portfolio brands. The company aims to deliver best-in-class consumer experience through AI-enabled discovery and hyper-personalisation. It also plans to use the funds to launch new products and categories in the next 18 months based on the insights gathered from its existing customer base of over three million.
The company claims to be the frontrunner in the Indian occasions’ online retail market, which is expected to grow to around $90 billion by 2025.
“Such a vast market size is driven by evolving Indian consumers who are looking beyond generic products and moving towards personalised, unique and theme-based products, and we believe that our curated and personalised design-to-delivery consumer experience fulfils their evolving needs,” said Tarun Joshi, Founder and CEO, Join Ventures.
Join Ventures owns and operates a portfolio of digital-first brands offering handmade, personalised and curated products across fresh, food, home and fashion categories. Its house of brands include IGP—a D2C brand for celebrations, Interflora—a D2C brand for premium flowers, IGP for Business—a B2B2C partner for reward management and corporate gifting, and Masqa—a D2C brand for indulgent foods.
Vijay Dhanuka, Director and Head of Consumer Sector at MO Alts, added,
“Our investment in Join Ventures marks our second investment into the tech-enabled consumer franchisees who have the first mover advantage in large unorganised categories.”
Join Ventures has grown its business by 3X in the last two years to reach Rs 250 crore annualised revenue run-rate. The company currently services customers in 100+ countries through its extensive same-day delivery network powered by three mother warehouses and 40+ dark stores.
