IGP, Interflora parent raises $23.5 mn in series B round
Summary
Join Ventures Private Limited, the company behind gifting platform IGP.com, Interflora India, and a to-be-launched food company Masqa, has raised $23.5 million (Rs 187 crore) in a Series B round, led by MO Alternate Investment Advisors Private Limited (Mo Alts). The company has raised its second round of funding this year after its $10 million Series A round in February 2022.The funds, the companys founder and chief executive officer, Tarun Joshi said will be deployed to enhance its technology and expand its dark store network. The company also plans to use the funds to launch new products and categories in the next 18 months.Vijay Dhanuka, director and head of consumer sector at Mo Alts, We are very excited to partner with them in the online gifting and celebration space. As the country increasingly is going online, we believe digital channels will be a strong enabler for consumer businesses to scale at a rapid pace. Partnering with MO Alts will help accelerate our expansion plans across India and beyond, Joshi, founder and MD of the company added.The company, Joshi said, currently sends its products to about 100 countries through its same-day delivery network.Its IGP and Interflora brands compete with Ferns N Petals which had received a funding of Rs 200 crore ($27 million) in March this year from Lighthouse India Fund III .