Funding and incubation platform Venture Catalysts has recently concluded Pre-Series A funding round for IGP.com, a multi-category gifting e-commerce company.
A number of VCat’s angels including Sarvesh Goel, Abhijeet Birewar, Amit Dhanki, and others participated in the funding round, the company said in a statement.
IGP.com, formerly known as IndianGiftsPortal.com, will utilise the funds to enhance its supply chain infrastructure and branding activities.
Founded by Tarun Joshi and Manan Sharma, the platform offers gifts in six key categories including festival merchandise, flowers, gourmet, jewellery, toys and handicrafts among others.
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.
“IGP 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,” Joshi said.
Dr.Apoorv Ranjan Sharma, co-founder and president of Incubation platform Venture Catalysts also stated that the decision to invest in IGP.com was taken based on the fact that the company has massively scaled its business and established its presence not only in the Indian market but internationally as well in a very short period of time.
IGP has a business model which spans a whole range of gifting solutions, from recommending the right gifts on its discovery platform IGP.com to fulfilling packaged gifts from its own warehouses and partners. In a previous funding round which took place in 2016, IGP.com had raised USD 2 million from angel investors.
Mumbai-based Venture Catalysts typically invests $100,000 ad $500,000 in early-stage startups. The investment platform was founded by Sharma, Anil Jain, Anuj Golecha, and Gaurav Jain in December 2015.
The most recent investments made by Venture Catalysts include specialised cuisine startup, The Bohri Kitchen, identity management platform ERA, energy drinks startup FYRE, and fin-tech startup HomeCapital.