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Thursday, December 8, 2022

Gifting firm Join Ventures to grow its dark stores network with $23.5M funding

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Gifting solutions startup Join Ventures has secured funding of $23.5 million.  The company will use the money to expand its network of dark stores and enhance technology.

Join Ventures, a provider of gifting solutions, has raised $23.5 million (Rs 187 crore) in its most recent fundraising round, headed by MO Alternate Investment Advisors, a subsidiary of financial services behemoth Motilal Oswal Financial Services.

Convivialité Ventures, Pernod Ricard’s venture capital arm, as well as current investors DSG Consumer Partners, Venture Catalysts, and ZNL Growth, invested in the round, according to the business.

In February, the firm secured $10 million headed by DSG Consumer Partners, among others.

Join Ventures will utilise the funds to improve technology and extend its captive dark shop network in order to accelerate the growth of its portfolio businesses.

The cash will also be used to develop new goods and categories over the following 18 months, according to the business.

Join Ventures owns and manages a network of digital-first companies that provide handcrafted, personalised, and curated goods in the culinary, home, and fashion sectors.

Direct-to-consumer giving brand IGP, floral gifting network Interflora, corporate gifting company IGP for Business, and gourmet food brand Masqa are among its brands.

Currently, the brand house reported an annualised revenue run-rate of Rs 250 crore. Through its warehouses and over 40 dark shops, the firm serves clients in over 100 countries. The company claims to have over 3 million customers.

Tarun Joshi, founder and CEO of Join Ventures, stated, “Partnering with MO Alts would help speed our efforts to expand across India and beyond.”

Director and head of consumer sector, MO Alternate Investment Advisors,  Vijay Dhanuka, says, “As the country progressively moves online, we believe digital channels will be a significant facilitator for consumer firms to develop at a quick rate.  Join Ventures is our second investment in tech-enabled consumer businesses.”

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