Convivialite Venture and DSG Consumer Partners participated in the round, as did Venture Catalysts and ZNL Growth.
The funding will be used by the startup to expand its dark-store network and launch new products and categories over the next 18 months.
This announcement comes just seven months after the startup, based in Mumbai, raised $10 Mn during its Series A round
Join Ventures, House of D2C, raised $23.5 million (INR187 Cr) in its Series B round of funding led by Motilal Oswal Alternative Investment Advisors (MO Alts).
Convivialite Venture, the VC arm for Pernod Ricard, participated in the round, as well as existing investors DSG Consumer Partners Venture Catalysts ZNL Growth, Venture Catalysts and other high-networth investors.
The funding will be used by the startup to expand its network dark stores and drive growth for its portfolio brands. Join Ventures will also make use of the investment to launch new categories and products over the next 18-months. The funding will also be deployed to shore up its technology vertical to enable hyper-personalisation on various platforms.
“India’s changing consumer base is driving such a large market. They are moving away from generic products and looking for personalised, unique, and theme-based products. We believe our curated and personalized design-to-delivery experience will satisfy their evolving needs. Join Ventures CEO Tarun Joshi said that partnering with MO Alts will accelerate our expansion across India and the world.
The head of the consumer sector at MO Alts Vijay Dhanuka stated, “As India increasingly moves online, I believe digital channels will help consumer businesses scale quickly.” Join Ventures is our second investment in tech-enabled consumer franchisees, who have the advantage in large unorganised groups.
Join Venture was founded in 2020 by Joshi. It operates a number of names in the floral and gifting industry. Its portfolio includes gifting store IGP with both B2C verticals and D2C florist brand Interflora, as well as upcoming gourmet food brand Masqa.
This announcement of funding comes just seven months after the Mumbai-based startup raised $10 million in Series A from Rajiv Dadlani Group and Venture Catalysts.
Join Ventures claims that it has grown its business 3X over the past 2 years. It plans to achieve an annualised run rate of INR 250 Crore. Through its same-day delivery network, the umbrella brand serves customers in over 100 countries.
Startup claims it has a combined digital reach of over 100 Mn visitors each year and owns three warehouses as well as 40+ dark shops. All Join Ventures platforms boast a customer base totaling around 3 Mn.
Join Ventures competes against other market leaders such as Archies’ and Ferns.
Interestingly, Join Ventures’ largest competitor FnP raised a massive INR 200 Cr round of funding in March from VC major Lighthouse.
A report shows that India’s online gifting market was valued at $65 million in the early 2021, and will rise to $84 billion by 2024.
The boom in demand for gifting platforms is largely due to the rising disposable income of the middle class. Easy access to personalized gifting and an enviable gifting culture in the country have further fueled the demand.