a Mumbai-based home of D2C celebration brands including IGP.com, Interflora India, IGP for Business and Masqa has hung up $23.5 million (Rs 187 crore) in one Series B Round led by MO Alternate Investment Advisors Private Limited.
The round also saw the participation of Convivialite Venturesthe VC arm of global beverage giant Pernod Ricard, and existing investors DSG Consumer Partners, Venture Catalysts, ZNL Growth and HNI investors.
This is the company’s second round this year. In February of this year, the company raised $10 million in a Series A round.
According to the official release, Join Ventures’ newly raised funds will be used to improve technology and expand its proprietary dark store network to fuel the growth of its portfolio brands. The company aims to deliver a best-in-class consumer experience through AI-powered discovery and hyper-personalization. The company also plans to use the funds to launch new products and categories over the next 18 months based on insights gleaned from its existing customer base of over three million.
The company claims to be the frontrunner in India’s online retail market, which is expected to grow to around $90 billion until 2025.
“Such tremendous market size is being driven by evolving Indian consumers who are looking beyond generic products and moving towards personalised, unique and themed products, and we believe our curated and personalized consumer experience from design to delivery will meet their evolving needs. said Tarun Joshi, Founder and CEO of Join Ventures.
Join Ventures owns and operates a portfolio of digital-first brands offering handmade, personalized and curated products across the freshness, grocery, home and fashion categories. The brand house includes IGP—a D2C brand to celebrate, interflora—a D2C brand for premium flowers, IGP for business—a B2B2C rewards management and corporate gifts partner, and Masqa– a D2C brand for enjoyable food.
Vijay DhanukaDirector and Head of Consumer Sector at MO Alts, added:
“Our investment in Join Ventures is our second investment in technology-enabled consumer franchisees who have the first mover advantage in large unorganized categories.”
Join Ventures has grown its business by 3 times in the last two years, reaching an annual turnover rate of Rs 250 crore. The company currently serves customers in over 100 countries through its extensive same-day delivery network, supported by three parent warehouses and over 40 dark stores.