[Funding Alert] House of Gifting & Celebrations Brand Join Ventures raises $23.5 Mn Series B Funding

Tarun Joshi Join Ventures

House of D2C celebration brands, Join Ventures has raised $23.5M (INR 187 cr) in its Series B funding round led by Motilal Oswal Alternate Investment Advisors (MO Alts).

Convivialité Venture (the VC arm of French beverage giant Pernod Ricard) also joined the round, along with existing investors such as DSG Consumer Partners, Venture Catalysts, ZNL Growth and other high-cap investors. 

The startup will use the funding to expand its network. dark stores to support the growth of its brands in the portfolio. Join Ventures will also use the investment to launch new products and categories over the next 18 months. The funding will also be used to support its technology vertical to enable hyper-personalization across platforms.

Founded in 2020 by Tarun Joshi, Join Venture operates a group of names in gifts and flowers. Its portfolio includes names like gift store IGP, which has both B2C and B2B verticals, D2C florist brand Interflora and upcoming gourmet food brand Masqa.

Tarun Joshi, Founder and CEO of Join Ventures, said, “Such a huge market size is driven by evolving Indian consumers who are looking beyond generic products towards personalised, unique and themed products, and we believe our curated and personalized consumer experience from design to delivery meets their evolving needs. The partnership with MO Alts will help accelerate our expansion plans across India and beyond.”

Vijay Dhanuka, Head of Consumer at MO Alts, said, “As the country increasingly moves online, we believe digital channels will be a powerful tool for consumer businesses to scale quickly. Our investment in Join Ventures is our second investment in technology-enabled consumer franchisees that have first-mover advantage in large unorganized categories.”

The new funding announcement comes barely seven months after the Mumbai-based startup raised $10 million in its Series A round from DSG Consumer Partners, Rajiv Dadlani Group, 9Unicorns and Venture Catalysts. Join Ventures claims to have tripled its business over the past two years. years, to achieve an Annual Run Rate (ARR) of INR 250 cr. The umbrella brand currently serves customers in more than 100 countries through its same-day delivery network.

The startup claims to have a cumulative annual digital reach of 100 million visitors and operates three warehouses and 40+ dark stores. In total, all Join Ventures platforms have an existing customer base of around 3 million. Join Ventures competes with other major players in the market such as Archies, Ferns n Petals and others.

Interestingly, Join Ventures’ biggest FnP competitor also raised a mammoth INR 200 crore round of funding from VC major Lighthouse in March this year.

Driven largely by higher disposable income for the middle class, the demand for gifting platforms has seen a sudden boom in the past few years. Demand was further fueled by easy access to personalized giving and the growing culture of giving that is emerging in the country.

According to the report, India’s online gifting market was pegged at around $65 million at the start of 2021 and is expected to grow to $84 billion by 2024.

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