Friday, June 14, 2024

Join Ventures, India’s Largest House of D2C brands for Celebrations, raises $23.5mn in Series-B funding round

Join Ventures, India’s largest house of D2C brands for celebrations that include, Interflora India, IGP for Business and Masqa, has raised $23.5mn (INR 187 crore) Series-B round, led by MO Alternate Investment Advisors Private Limited (“MO Alts”). 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 $10mn 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.

The company is the frontrunner in the Indian Occasions’ Online Retail market, which is
expected to grow to ~$90billion by 2025. “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 fulfils their evolving needs. Partnering with MO Alts will help accelerate our expansion plans across India and beyond,” said Tarun Joshi, Founder & CEO, Join Ventures.

Led by Founder & CEO Tarun Joshi , Join Ventures owns and operates a portfolio of digital-first brands offering handmade, personalised and curated products across Fresh, Food, Home and Fashion categories. Join Ventures house of brands include IGP – India’s largest D2C brand for celebrations, Interflora – India’s largest D2C brand for premium flowers, IGP for Business – India’s leading B2B2C partner for reward management and corporate Gifting and Masqa – D2C brand for indulgent foods.

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.”

Join Ventures has successfully grown its business by 3x in the last 2 years to reach INR 250 crore annualised revenue run-rate. The company currently services customers in 100+ countries through its extensive same-day delivery network powered by three mother warehouses and 40+ dark stores.

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