Join Ventures, India’s Largest House of D2C brands for Celebrations, raises $23.5mn in Series-B funding round.
The funding round was led by Motilal Oswal Alternate Investment Advisors with participation from Convivialité Ventures, and existing investors, DSG Consumer Partners, Venture Catalysts, ZNL Growth and HNI investors.
Supported by the rapid growth of celebration space in India, Join Ventures has raised its $23.5mn series B round within eight months of raising $10mn in series-A funding round.
Mumbai, 21st, September 2022: Join Ventures, India's largest house of D2C brands for celebrations that include IGP.com, 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.
About Join Ventures:
Join Ventures, India's largest house of D2C brands for celebrations, is building leadership through its growing portfolio of brands, including IGP.com – India's largest D2C platform for occasions; Interflora India – India's largest D2C brand for premium flowers; IGP for Business – leading B2B2C partner for reward management and corporate gifting; and Masqa - aimed at creating India's leading D2C brand for Indulgent foods. Join Ventures serves 100mn+ visitors every year across 100 countries with its design-to-delivery consumer experience, farm-to-table supply chain, and an extensive same-day delivery network powered by three mother warehouses and 40+ dark stores.
About MO Alternate Investment Advisors:
MO Alternate Investment Advisors Private Limited (“MO Alts”) is a subsidiary of Motilal Oswal Financial Services Limited (MOFSL), a diversified financial services group with businesses in Securities, Asset Management, Housing Finance, Private Equity and Investment Banking. MO Alts is managing both private equity and real estate funds and cumulatively manages around USD 1.7bn between the two asset classes. The private equity vertical focuses on providing growth capital to mid-market companies across its preferred sectors of consumer, financial services, life sciences and niche manufacturing, typically in the range of INR 2,000 – 5,000 million. The private equity vertical has, in the last 16 years, made over 38 investments and has completely exited 15 investments, having delivered a gross MOIC of 5.3.x (INR) and gross IRR of 25.9% (INR), making it one of the top performing platforms in India. Many portfolio companies of MO Alts have, over the years, scaled to between USD 3-7 bn companies from less than USD 100 mn at the time of investment.
For further details, contact:
Rohini Kute
Motilal Oswal Financial Services Limited
Phone: +91-22-39822340
Mobile: +91-98201 96838
|
Anjali Digari
PR Manager
Join Ventures
Email: anjali@cha-chi.in
Phone: +917017094138
|