Uttar Pradesh-based online gifting company IGP.com (Indian Gifts Portal) has raised an undisclosed sum in its pre-Series A round of funding and incubation platform Venture Catalysts. Along with the incubation platform, a number of individual investors including Sarvesh Goel, Abhijeet Birewar, Amit Dhanki, and others also participated in the round.
Run by Intermesh Shopping Network Pvt. Ltd, IGP.com was previously a unit of IndiaMART, an online B2B platform for small- and medium-sized businesses. The company offers gifts in six key categories including festival merchandise, flowers, gourmet, jewellery, toys and handicrafts among others.
On the investment, Tarun Joshi, Co-Founder and CEO, IGP, said.
IGP.com has created a world-class technology product and strong supply chain to enable its customers to effortlessly send gifts around the world. We are very excited to have Venture Catalysts as our investor and partner in this journey and look forward to the mentorship they can provide us to unlock further possibilities in this promising domain.
The company recommends gifts to customers and also delivers packaged gifts from its warehouses. The company claims to deliver gifts across 200 cities in India and over 100 countries around the world. It has partnered with Interflora, a floral gifting company. At present, the company has offices in Mumbai, Lucknow, Noida, Jaipur, and California.
In 2012, Joshi bought out the entity. He roped in Rahul Garg as chief executive in January 2015, when the company acqui-hired Garg’s online handicraft venture ArtisanGilt.com. Garg left the firm in May 2017 and is currently with venture capital firm Kalaari Capital.
In a management rejig in January this year, the firm’s majority investor Joshi took over as executive chairman to spearhead the firm’s international expansion.
IGP.com will use the funds to enhance its supply chain infrastructure and for branding, the company said.
IGP.com last raised funds in October 2016, when it secured $2 million from the family office of Naveen Arya, one of the three promoters of Karamchand Appliances, and Tarun Joshi, the India director of UK-based private equity firm 3i.
Venture Catalysts’ recent investments include specialised cuisine startup, The Bohri Kitchen, identity management platform ERA, energy drinks startup FYRE, and fin-tech startup HomeCapital.