IGP.com, one of India’s largest multi-category gifting e-commerce companies, secured a Pre-series A funding in the follow up to a previous of of $2 million from angel investors. Led by Venture Catalysts, the concluded round of funding saw participation from several investors including Sarvesh Goel, Abhijeet Birewar, Amit Dhanki, Digant Bhansali, Abhishek Subramanya, Vikash & Manish Agarwal (Nandan Steels), Mitesh Shah, Navleen Khanna, Siddharth Bhajenkar, CK Jinan, Jayesh Shah, Dharmesh Dalal, Dipan Dalal, Anshul Dave, and Viekram Soni among others.
Tarun Joshi, Co-Founder and CEO, IGP.com said, “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.”
IGP.com, formerly known as IndianGiftsPortal.com, will utilise the funds for to enhance its supply chain infrastructure and branding activities. Founded by Tarun Joshi and Manan Sharma, the platform houses a curated collection of gifts, flowers, cakes and personalised products for all festival and personal occasions. The firm claims to get about half of its orders from outside India and almost one-third of its orders delivered to more than 90 countries across the globe. They currently have offices in Mumbai, Lucknow, Jaipur Noida and California.
Tarun added, “In order to gain momentum in this space, full integration from discovery to timely delivery of gifts is imperative. IGP has created a world-class technology product and strong supply chain to enable its customers to effortlessly send gifts around the world.”
Part of the company’s business model around gifting solutions includes recommending the right gifts on its discovery platform to fulfilling packaged gifts from its own warehouses and partners. They ensure delivery within 4 hours across 200 cities in India and within 72 hours to over 100 countries around the world. Much like a fashion house, IGP.com creates their own designs and hampers for every occasion, getting them custom manufactured and personalised.
Dr. Apoorv Ranjan Sharma, Co-Founder and President, Venture Catalysts commented, “The decision to invest in IGP.com was taken based on the fact that the company has massively scaled its business up on the back of a ground-breaking business model, and established its presence not only in the Indian market, but internationally as well, all in a very short period of time.”