Founders: Manan Sharma
Financing status: Undisclosed Pre-Series A
Mumbai-based online gifting platform IGP has raised an undisclosed amount in a pre-Series-A funding round led by incubator Venture Catalysts.
The round also saw participation from angel investors Sarvesh Goel, Abhijeet Birewar, and Amit Dhank. This funding round comes little more than a year after IGP secured USD 2 million from Naveen Arya, a promoter of Karamchand Appliances and Tarun Joshi, the director of British private equity firm 3i. IGP will reportedly use the newly raised capital to improve branding and supply chain infrastructure. According to its LinkedIn page, IGP has a “significant lead in curation & logistics” and “is now heavily investing in technology to solve gift discovery problems through machine learning & tech enabled merchandising.”
IGP is India’s largest gifting e-store. It offers curated gifts spanning many categories such as festival merchandise, flowers, gourmet, jewellery, toys, and handicrafts. IGP delivers to more than 200 Indian cities and more than 90 countries around the world. In fact, more than a third of IGP’s orders are delivered internationally, and nearly half of the platform’s orders originate outside of India.
IGP claims to have delivered more than 3 million gifts. The company is headquartered in Mumbai and operates warehouse centers in Lucknow, Noida, Jaipur, and California. The platform has a full-time team of approximately 110.
IGP.com, formally known as IndianGiftsPortal, was founded in 1999 by Manan Sharma. Previously operated by IndiaMART, an online B2B platform for small- and medium-sized businesses (SME), IGP is now operated by Intermesh Shopping Network Pvt. Ltd and headed by investor Tarun Joshi, who purchased the entity in 2012. Joshi worked previously as president and CEO of Interflora, an online flower ordering and delivery service.
(Top image from Pixabay.com)