Join Ventures, which manages brands like IGP, Interflora and Masqa, announced on Tuesday that it had secured $10 million (around Rs 75 crore) in Series A funding from DSG Consumer Partners, Rajiv Dadlani Group, 9Unicorns and Venture Catalysts.
The platform plans to use the fundraiser for expanding the dark store network, accelerating technology and logistics, and scaling.
Join Ventures owns and operates a portfolio of direct-to-consumer (D2C) digital brands in the fresh produce, food, home and fashion categories. The company, which has a presence in 25 locations in India and Singapore, says it currently takes in more than 3 million orders a year.
“All trends show that consumers are optimistic about the celebration landscape which is defined by the 140 million online shoppers who currently generate more than 4 billion one-time searches in India, and we aim to capture a large share of this. underserved market with our superior ‘design-to-delivery’ customer experience, robust supply chain and exclusive distribution network,” said Tarun Joshi, Founder and CEO of Join Ventures.
In November, Join Ventures entered the luxury food segment with the Masqa brand by investing over $7 million.
According to the Avendus Capital report, the D2C food and beverage market was worth $5.5 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of approximately 40% to reach $15 billion. of dollars by 2025. India is one of the largest retailers. global markets and is expected to top $1.7 trillion by 2025, he added.
In 2021, local D2C startups attracted more than $250 million from venture capital (VC) investors in the first half of 2021, almost as much as the total sum invested in these companies through 2020.
Investor appetite for D2C brands, whetted last year by the tailwinds of the pandemic, has accelerated across all categories, the statement said.
Hariharan Premkumar, Head of India at DSG Consumer Partners, said, “We have followed IGP’s impressive three-year growth journey. We believe that Tarun and the IGP team have built the best comprehensive platform for online giveaways on the market.
This includes supply chain, technology and internal data capabilities to deliver a personalized gift experience to a specific delivery time slot. The online penetration of gifts is expected to increase significantly, as seen in other categories. »