Join Ventures Private Limited, the company behind gifting platform IGP.com, Interflora India, and a to-be-launched food company Masqa, has raised $23.5 million (Rs 187 crore) in a Series B round, led by MO Alternate Investment Advisors Private Limited (Mo Alts). The round also saw participation by Convivialité Ventures, Pernod Ricard’s VC arm and existing investors DSG Consumer Partners, Venture Catalysts, ZNL Growth and HNI investors. The company has raised its second round of funding this year after its $10 million Series A round in February 2022.
The funds, the company’s founder and chief executive officer, Tarun Joshi said will be deployed to enhance its technology and expand its dark store network. The company also plans to use the funds to launch new products and categories in the next 18 months.
Vijay Dhanuka, director and head of consumer sector at Mo Alts, “We are very excited to partner with them in the online gifting and celebration space. It is a young company which has scaled its brand in a short time span. As the country increasingly is going online, we believe digital channels will be a strong enabler for consumer businesses to scale at a rapid pace. This marks our second investment in the tech-enabled consumer company.”
“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 & personalised design-to-delivery consumer experience fulfils their evolving needs. Partnering with MO Alts will help accelerate our expansion plans across India and beyond,” Joshi, founder and MD of the company added.
The company, Joshi said, currently sends its products to about 100 countries through its same-day delivery network.
Its IGP and Interflora brands compete with Ferns N Petals which had received a funding of Rs 200 crore ($27 million) in March this year from Lighthouse India Fund III .