Join Ventures, a startup that owns and operates digital brands across multiple categories, has raised $10 million in a Series A round of funding.
This round of funding saw participation from multiple investors such as DSG Consumer Partners, Rajiv Dadlani Group, 9Unicorns and Venture Catalysts.
Join Ventures aims to use the funding raised for various growth initiatives such as expanding its warehousing network, technology development, and logistics.
Tarun Joshi, Founder and CEO, Join Ventures, said, "All trends show that consumers are bullish on celebrations landscape that is defined by the 140 million online buyers who are currently generating over $4 billion in occasion led searches in India, and we aim to capture a large share of this underserved market.”
Hariharan Premkumar, Head of India at DSG Consumer Partners, said: “We have tracked IGP’s impressive growth journey over three years. The IGP team has built a strong foundation and is well poised to be a leading brand in online gifting.”
Join Ventures owns and operates a portfolio of digital-first brands — IGP, Interflora, and Masqa — across fresh, food, home and fashion categories in a segment it calls “Indian Occasions' Online Retail Market”, which it expects to reach a market size of $90 billion by 2025.
The startup claims it is generating over three million orders per year from across 25 locations in India and Singapore. It is also looking to expand its logistics infrastructure space to one million square feet by 2024 to support over 120 new dark stores.
Apoorva Ranjan Sharma, President, and Co-founder, 9Unicorns & Venture Catalysts, said, "There is an immense opportunity for the occasion led buying market in India, and we see Join Ventures as an emerging leader in the segment, with their house of brands and personalised offerings. The celebration industry’s potential is huge, and we are on the anvil of a tectonic moment that will have a homegrown company lead global trends."
Edited by Saheli Sen Gupta