India Digest: Join Ventures raises $23.5m; Light Microfinance snags $24.5m

Photo by Josh Appel on Unsplash

Join Ventures has raised $23.5 million in a Series B funding round while Light Microfinance has raised about $24.5 million in fresh financing.

Motilal Oswal leads Join Ventures round

Join Ventures, a Mumbai-based gifting solutions company that houses brands such as IGP.com, Interflora India, IGP for Business and Masqa, said it has raised $23.5 million in a Series B funding round led by Motilal Oswal Alternate Investment Advisors.

The funding round also saw participation from Convivialité Ventures, global beverage giant Pernod Ricard’s VC arm and existing investors DSG Consumer Partners, Venture Catalysts, ZNL Growth and HNI investors.

The latest funding round comes eight months after Join Ventures raised $10 million in a Series A round.

The company said it will use the funds raised to enhance technology and expand its captive dark stores’ network to drive the growth of its portfolio brands and launch new products and categories in the next 18 months.

Led by Tarun Joshi, Join Ventures owns and operates a range of digital-first brands offering handmade, personalised and curated products across fresh food, home and fashion categories. It currently services customers in 100+ countries through its same-day delivery network powered by three mother warehouses and 40+ dark stores.

British DFI invests in Light Microfinance

Ahmedabad-based microfinance institution Light Microfinance has raised about $24.5 million (Rs 196 crore) in a Series B funding round led by UK’s development finance institution British International Investment.

Existing investors Nordic Microfinance Initiative, Triple Jump BV and Incofin IM also participated in the financing.

The company will use the funding proceeds to expand into new states to diversify the company’s product lines and continue investments in technology and digital initiatives.

Light Microfinance has a customer base of over 3 lakh, spread across 68 districts in four states. It claims to have doubled its assets under management (AUM) to over Rs 1,300 crore.

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