Join Ventures Raises $10 Million In Series A Round From Marquee InvestorsFunds will be utilised to improve logistics, global supply chain and to improve the technological advancements at the product level.
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Join Ventures on Tuesday announced to have secured INR 750 million in Series A round funding from leading investors such as DSG Consumer Partners, Rajiv Dadlani Group, 9Unicorns and Venture Catalysts. Funds will be utilised to improve logistics and global supply chain and for technological advancements at the product level. The company had also recently announced its plans to bolster its logistic infrastructure through warehouse expansions with a vision of one million square feet by 2024 to support 120 plus new dark stores across India.
"All trends show that consumers are bullish on celebrations landscape that is defined by the 140 million online buyers who are currently generating four billion-plus occasion led searches in India, and we aim to capture a large share of this underserved market with our superior 'design to delivery' consumer experience, robust supply chain and proprietary distribution network. The latest influx of funds will enable us to accelerate our growth and inch closer to our vision," said Tarun Joshi, founder and CEO, Join Ventures.
Indians are increasingly going digital when it comes to shopping, which is widening the funnel for the serviceable addressable opportunity for Occasions Online Retail, as the same behaviour is translating into online shopping on occasions such as Birthdays, Wedding Anniversaries, National and Regional Festivals. Join Ventures owns and operates a portfolio of digital-first brands across Fresh, Food, Home and Fashion categories, that serve the Indian Occasions' Online Retail Market, which is expected to grow at 25% Y-o-Y to reach $90 Billion by 2025, said the company in a statement.
"There is an immense opportunity for the occasion led buying market in India, and we see Join Ventures as an emerging leader in the segment, with their house of brands and personalised offerings. The Celebration industry's potential is huge, and we are on the anvil of a tectonic moment that will have a home-grown company lead global trends,"said Dr Apoorva Ranjan Sharma, President, and Co-founder, 9Unicorns and Venture Catalysts.
Generating over three million orders per year, Join Ventures has over 500+ employees across its 25 locations in India and Singapore. Having a customer base in over 100 countries, Join Ventures recently expanded its large-scale warehousing facility at Jaipur by 50,000 square feet to strengthen its fulfilment infrastructure of three mother warehouses and 24 dark stores.
