Join Ventures, a house of D2C brands for celebrations that include IGP.com, Interflora India, IGP for Business and Masqa, raises $23.5 million (INR 187 crore) Series-B round, led by MO Alternate Investment Advisors. The round also saw participation by Convivialité Ventures, global beverage giant Pernod Ricard’s VC arm and existing investors DSG Consumer Partners, Venture Catalysts, ZNL Growth and HNI investors. The conglomerate has raised its second round this year, just after the company’s $10 million series-A round in February 2022.
Funds raised will be deployed by Join Ventures to enhance technology and expand its captive dark stores' network to drive the growth of its portfolio brands. The company aims to deliver best in class consumer experience through AI-enabled discovery and hyper-personalisation. The company also plans to use the funds to launch new products and categories in the next 18 months based on the insights gathered from its existing customer base of over 3 million.
Vijay Dhanuka, Director and Head of Consumer Sector at MO Alts, commented, "We are very excited to partner with one of the largest and fastest growing brand in the online gifting and celebration space. Join Ventures is a young company, and Tarun and his team have shown exceptional execution capabilities by scaling the brand in such a short time span. 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 investment into the tech-enabled consumer franchisees who have the first mover advantage in large unorganised categories."