Mumbai-based Join Ventures, a startup that owns and operates digital brands across multiple categories, has raised $23.5 million in a Series B funding round led by MO Alternate Investment Advisors Private Limited.
The round also saw participation from Convivialité Ventures and existing investors DSG Consumer Partners, Venture Catalysts, ZNL Growth and HNI investors.
Prior to this round, Join Ventures had raised $10 million in a Series A round in February 2022 from multiple investors such as DSG Consumer Partners, Rajiv Dadlani Group, 9Unicorns and Venture Catalysts.
According to the company’s statement, the firm plans to use the raised capital to strengthen technology and expand its captive dark stores’ network to drive the growth of brands on its platform.
“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,” said Tarun Joshi, Founder and CEO, Join Ventures.
Join Ventures owns and operates a portfolio of digital-first brands, including 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.
It plans to launch new products and categories in the next 18 months. Join Ventures claims it currently services customers in more than 100 countries with three warehouses and over 40 dark stores.
The company further claims that it is generating over three million orders per year from across 25 locations in India and Singapore, increased growth by 3X in the last two years, and hit Rs 250 crore annualised revenue run-rate.
Speaking on the investment, 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.”
Apoorva Ranjan Sharma, President & 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.”
Source @Indianstartupnews
