Join Venture raises $23.5 million in funding from MO Alts
- ByStartupStory | September 22, 2022
Direct-to-consumer (D2C) gifting platform Join Ventures, which houses brands such as IGP.com and Interflora India, secured $23.5 million in a series B fundraising round headed by Motilal Oswal Alternate Investment Advisors (MO Alts), the company said on September 22. Convivialite Ventures, DSG Consumer Partners, Venture Catalysts, ZNL Growth, and other high-net-worth individuals (HNI) also participated in the round.
The company wants to use the capital to improve technology and extend its network of captive dark shops in order to fuel the expansion of its portfolio of brands, according to a statement released by the company.
Join Ventures, founded by Tarun Joshi in 2020, owns and runs a portfolio of digital-first companies in the sectors of fresh food, home, and fashion. IGP is a D2C brand for celebrations, Interflora sells quality flowers, IGP for Business assists with incentive management and corporate gifts, and Masqa sells luxurious foods.
The giving solutions firm works in the Indian Occasions Online Retail sector, which will reach $90 billion by 2025.
The business expects to utilize the capital to introduce new items and categories in the next 18 months, Joshi said. Join Ventures uses AI-powered discovery and hyper-personalization to improve the user experience. The startup got $10 million in series-A funding in February 2022.
“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 & personalised design-to-delivery consumer experience fulfills their evolving needs,” Joshi said in the statement.
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