Join Ventures, which owns celebrations-focused D2C brands, has raised $23.5 million (₹187 crore) in its Series B funding round led by MO Alternate Investment Advisors (MO Alts). Convivialite Ventures, which is Pernod Ricard’s VC arm, also invested in this round.
Existing investors DSG Consumer Partners, Venture Catalysts, ZNL Growth and other HNI investors also participated in the round. Join Ventures’ portfolio of brands include IGP (D2C gifting brand) and Interflora (D2C brand for premium flowers), among others.
Tarun Joshi, Founder & CEO, Join Ventures, said the funds will be utilised to enhance technology and expand its captive dark stores’ network to drive the growth of its portfolio brand.
“We will use the funds to launch new products and categories in the next 18 months. Indian consumers are evolving and now looking for more personalised, unique and theme-based products, which is driving the growth of occasion-based online retail segment. We believe that our curated and personalised design-to-delivery consumer experience fulfils their evolving needs. Partnering with MO Alts will help accelerate our expansion plans across India and beyond,” Joshi added.
This comes close on the heels of the company’s $10-million series-A round in February.
Vijay Dhanuka, Director and Head of Consumer Sector at MO Alts, added, ”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 said it has grown its business by three times over the past two years and has achieved an annualised run-rate of ₹250 crore. The company services customers in over 100 countries offering same-day delivery.