Join Ventures Raises $23.5 Million in Series B Funding Round
Funds will be utilized to enhance technology and expand its captive dark stores' network to drive the growth of its portfolio brands
Join Ventures on Thursday announced to have raised $23.5 million in a Series B funding round led by MO Alternate Investment Advisors. The round also witnessed participation by Convivialité Ventures, Pernod Ricard's VC arm and existing investors DSG Consumer Partners, Venture Catalysts, ZNL Growth and HNI investors. Funds will be utilized to enhance technology and expand its captive dark stores' network to drive the growth of its portfolio brands.
"Such a vast market size is driven by evolving Indian consumers who are looking beyond generic products and moving towards personalised, unique and theme-based products, and 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," said Tarun Joshi, founder and CEO, Join Ventures.
"Join Ventures is a young company, and Tarun and his team have shown exceptional execution capabilities by scaling the brand in such a short time span. 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 that have the first mover advantage in large unorganised categories," said Vijay Dhanuka, director and head of consumer sector, MO Alts.
Join Ventures has successfully grown its business by three times in the last 2 years to reach INR 250 crore annualised revenue run-rate. The company currently services customers in over 100 countries through its extensive same-day delivery network powered by three mother warehouses and 40-plus dark stores. Led by founder and CEO Tarun Joshi, Join Ventures owns and operates a portfolio of digital-first brands offering handmade, personalised and curated products across Fresh, Food, Home and Fashion categories. Join Ventures house of brands include IGP - India's largest D2C brand for celebrations, Interflora - India's largest D2C brand for premium flowers, IGP for Business - India's leading B2B2C partner for reward management and corporate Gifting and Masqa - D2C brand for indulgent foods. The conglomerate has raised its second round this year, just after the company's $10 million Series A round in February 2022. The company aims to deliver best in class consumer experience through AI-enabled discovery and hyper-personalisation. The company also plans to use the funds to launch new products and categories in the next 18 months based on the insights gathered from its existing customer base of over 3 million.