Join Ventures, a Direct-to-consumer (D2C) gifting platform, which owns brands including IGP.com and Interflora India, has raised $23.5 million in a Series B round led by Motilal Oswal Alternate Investment Advisors (MO Alts), the startup said on September 22.

The round also saw participation from Convivialite Ventures and existing investors DSG Consumer Partners, Venture Catalysts, ZNL Growth and other high net-worth individuals (HNI) investors.

In a statement, the company plans to use the funding to enhance technology and expand its network of exclusive dark stores to drive growth for its portfolio brands.

Founded in 2020 by Tarun Joshi, Join Ventures owns and operates a portfolio of digital-first brands spanning the fresh food, home and fashion categories.

Under Join Ventures, IGP, a D2C brand for celebrations; Interflora, a D2C brand for premium flowers; IGP for Business, a brand that helps partners with rewards management and corporate gifting; and Masqa, a D2C brand for Indulgent food.

The gift solutions company operates in the online retail market for Indian occasions, which is expected to grow to $90 billion by 2025.

The company also plans to use the funds to launch new products and categories over the next 18 months, based on insights gleaned from its existing customer base of more than 3 million, Joshi added.

Join Ventures is also working on delivering better consumer experiences through AI discovery and hyper-personalisation. After closing a $10 million Series A in February 2022, the brand has raised a second round of funding this year.

Join Ventures claims to have quadrupled its business in the past two years to annual revenue of Rs 250 crore. The company says it serves customers in more than 100 countries through a same-day delivery network powered by three parent warehouses and more than 40 dark stores.