In its most recent fundraising round, Join Ventures, a provider of gifting solutions, secured $23.5 million (about Rs 187 crore) from MO Alternate Investment Advisors, a division of Motilal Oswal Financial Services, a financial services giant.
Additionally involved in the round were current investors DSG Consumer Partners, Venture Catalysts, and ZNL Growth as well as Convivialité Ventures, the venture capital arm of multinational beverage corporation Pernod Ricard.
In February, the business raised $10 million under the direction of DSG Consumer Partners and others.
To help its portfolio companies flourish, Join Ventures will utilize the funding to improve technology and broaden the network of its captive dark shops.
According to the corporation, the money will also be used to introduce new items and categories over the following 18 months.
In the culinary, home, and fashion categories, Join Ventures owns and manages a portfolio of digital-first companies that offer handcrafted, individualized, and curated goods.
Its portfolio of brands includes the gourmet food company Masqa, the direct-to-consumer gifting brand IGP, the flower delivery service Interflora, and the corporate gifting service IGP for Business.
The house of brands reported that it was now generating 250 crore rupees in annualized income. Through its warehouses and more than 40 dark shops, the corporation serves clients in more than 100 nations.
“Partnering with MO Alts will help accelerate our expansion plans across India and beyond,” said Tarun Joshi, founder and chief executive of Join Ventures.
Over 3 million users, according to the business, are among its customers.
“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.