Join Ventures, a provider of gifting solutions, has raised Rs187 crore

Join Ventures, a provider of gifting solutions, has raised Rs187 crore ($23.5 million) in its most recent round of fundraising, which was managed by MO Alternate Investment Advisors, a division of Motilal Oswal Financial Services.

Additionally involved in the round were current investors DSG Consumer Partners, Venture Catalysts, and ZNL Growth as well as Convivialité Ventures, the venture capital arm of multinational beverage company Pernod Ricard.

Joint Ventures has several digital-first brands providing handmade, personalized and curated products across food, home and fashion categories. Some of the prominent brands include gifting brand IGP; flower gifting platform Interflora; corporate gifting entity IGP for Business and gourmet food brand Masqa.

To help its portfolio companies flourish, Join Ventures will use the funding to improve technology and broaden the network of its captive dark stores.

In the upcoming 18 months, the business will also use the capital to introduce new items and categories.