Gifting solutions company Join Ventures raises $23.5 million in funding

Gifting solutions company Join Ventures has raised $23.5 million (Rs 187 crore) in its latest funding round led by MO Alternate Investment Advisors, a subsidiary of financial services conglomerate Motilal Oswal Financial Services. Convivialité Ventures, global beverage player Pernod Ricard’s venture capital arm, as well as existing investors DSG Consumer Partners, Venture Catalysts, and ZNL Growth, also participated in the round, the company said in a statement.

The company raised $10 million led by DSG Consumer Partners, among others, in February. Join Ventures will use the capital to enhance technology and expand its captive dark stores' network to drive growth of its portfolio brands. The company will also use the funds to launch new products and categories in the next 18 months, it said.

Join Ventures owns and operates a portfolio of digital-first brands offering handmade, personalised and curated products across food, home and fashion categories. Its house of brands include direct-to-consumer gifting brand IGP; flower gifting platform Interflora; corporate gifting entity IGP for Business and gourmet food brand Masqa.

Currently, the house of brands said it was registering an annualised revenue run-rate of Rs 250 crore. The company services customers in over 100 countries through its warehouses and over 40 dark stores. “Partnering with MO Alts will help accelerate our expansion plans across India and beyond,” said Tarun Joshi, founder and chief executive of Join Ventures. The company said it has a customer base of over 3 million users.

“As the country increasingly moves online, we believe digital channels will be a strong enabler for consumer businesses to scale at a rapid pace. Our investment in Join Ventures marks our second into the tech-enabled consumer franchisees,” said Vijay Dhanuka, director and head of consumer sector, MO Alternate Investment Advisors.