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IGP (e-gifting retailer)

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For other companies named IGP, see IGP (disambiguation).

IGP
Company typePrivate company
IndustryE-Commerce
Founded2016
FounderTarun Joshi
Headquarters
Mumbai
,
India
Number of locations
50 in Indian cities,[1] 1 in USA
Area served
Worldwide
Key people
Tarun Joshi (Founder & CEO)
Priyesh Neema (CPO)
RevenueIncrease US$30 million (2020)
Number of employees
300[2]
Websitewww.igp.com
ae.igp.com

IGP is an India-based online retailer of personalized, floral, gourmet, and handmade gifting products, as well as a distribution company, founded by Tarun Joshi in 2017.[3] The company is headquartered in Mumbai, India, and operates in India, Singapore and UAE. [4][5][6][7]

IGP operates as a subsidiary of Join Ventures, a Mumbai-based e-commerce company that owns various brands, such as IGP, Interflora, Masqa, and IGP for Business.[8][9]

History

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IGP was founded in 1999 and acquired by Indian entrepreneur and investor Tarun Joshi in 2012.[10][11][12] In 2015, the company acquired ArtisanGilt, an e-commerce portal for ethnic wear and fashion jewellery.[13]

In 2017, the company launched an online gift discovery platform that provides context-based search allowing users to discover a particular gift, based on parameters such as recipient, relationship, occasion and personality. It is India's first gift discovery platform according to Business Standard.[14] In February 2024, the company launched its new retail store in Bandra West, Vashi, & Breach Candy.[15][16]

Retail categories

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Some of the product categories at IGP include Festival Merchandise, Flowers, Cakes, Plants, Gourmet foods, Personalized Products, Gift Cards, Jewellery, Toys & Games and Home & Living.[17][14]

Partnership

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In October 2017, Interflora, a global flower delivery network opened its first office in Mumbai in partnership with IGP.[18] In July 2019, IGP formed a partnership with The Womb as a part of their business and brand growth journey.[19]

IGP was the official gifting partner of the Akshay Kumar starrer Rakshabandhan movie.[20]

Celebrity collaboration

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In January 2023, IGP partnered with Bollywood actress Ananya Panday for Valentine's Day.[21] Subsequently, in May 2023, the company entered into a collaboration with Bollywood actress Kajol for Mother's Day.[22] In July 2023, the company teamed up with the Indian actress, Pooja Hegde, for a Rakhsha Bandhan campaign.[23]

Funding

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In October 2016, IGP raised $2 million (₹13 crore approx) in seed funding. The round was led by angel investors Naveen Arya, promoter, Karamchand Appliances and Tarun Joshi, Director, PE firm, 3i.[14][24]

In December 2017, the company raised an undisclosed amount of Pre Series A funding led by Venture Catalysts.[25]

In February 2022, the company secured $10 million in a Series A funding round led by DSG Consumer Partners, Rajiv Dadlani Group, 9Unicorns and Venture Catalysts.[26] Additionally, in September of the same year, IGP received $23.5 million in its Series B funding round, with Motilal Oswal Alternate Investment Advisors (MO Alts).[27][28]

Awards and recognition

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2011:

  • IGP has been named among India's 20 hottest e-commerce start-ups by Rediff.[29]

2013:

2023: IGP was awarded the Guinness World Record for creating the longest chain of bracelets in the form of Rakhis.[30][31]

See also

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References

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  1. ^ Sharma, Amisha (16 June 2023). "Daughters More Likely To Gift Fathers On Father's Day: IGP". BW Retail World. Retrieved 21 August 2023.
  2. ^ a b "India's Largest Online Gifting Company IGP.com.com Dominates $30bn Market". The CEO Magazine - India. 26 December 2015.
  3. ^ Tauseef, Samita; Kaur, Simran (28 June 2015). "To the loved ones". The Hindu.
  4. ^ "India's Largest Online Gifting Company IGP.com.com Dominates $30bn Market". The CEO Magazine - India. 26 December 2015.
  5. ^ Gomes Kapur, Suruchi (25 August 2016). "Clear & 'present' gamechanger". Deccan Chronicle.
  6. ^ Menon D, Bindu (28 July 2015). "Indiangiftsportal.com looks to raise ₹60 crore". The Hindu Business Line.
  7. ^ "Retail India News: IGP Unveils New Brand Identity Centered Around Emotions and Relationships". Indian Retailer. 27 June 2023. Retrieved 4 August 2023.
  8. ^ "D2C firm Join Ventures raises $10 million from DSG and others". The Economic Times. 15 February 2022.
  9. ^ Mundhra, Laxitha (15 February 2022). "Celebration-Focussed 'House Of Brands' Join Ventures Raises $10 Mn; To Expand Dark Stores Network". Inc42 Media. Retrieved 4 August 2023.
  10. ^ Nair-Ghaswalla, Amrita. "How an aeronautical engineer winged it to a gifting platform". Business Line.
  11. ^ "IndianGiftsPortal moves to IGP.com & launches India's first gift discovery platform". The Hindu Business Line. 16 January 2017.
  12. ^ Paul, Binu (31 January 2017). "Exclusive : Management rejig at IGP as majority investor Tarun Joshi takes charge". VCCircle.
  13. ^ Paul, Binu (31 January 2017). "Majority investor Tarun Joshi takes control at gifting firm IGP". VCCircle. Retrieved 22 August 2022.
  14. ^ a b c Chopra, Ambika (5 October 2016). "Online Gifting Platform Indian Gifts Portal Secures $2 Mn From Angel Investors". Inc42.com.
  15. ^ "IGP Unveils 1st Experiential Retail Store In Bandra". Businessworld. 27 February 2024.
  16. ^ Anushruti (22 April 2024). "Online Gifting Giant IGP To Enter Singapore Market, Strategizes Offline Expansion And Targets Tier 2 & Tier 3 Cities In India - Indian Food Industry-Snackfax". Retrieved 11 July 2024.
  17. ^ "IndianGiftsPortal launches India's first gift discovery platform". Business Standard. 16 January 2017.
  18. ^ Sharma, Komal (13 October 2017). "Global flower delivery service Interflora comes to India". Mint.
  19. ^ "The Womb creates 'invisible device' for IGP.com - Exchange4media". Exchange4media. Retrieved 22 August 2022.
  20. ^ "Rakshabandhan cast and crew visit igp.com artisans in Jaipur". Business Source. 9 August 2022. Retrieved 22 August 2022.
  21. ^ "Ananya Panday collaborates with IGP.com for Valentine's Day campaign - Exchange4media". Exchange4Media. Retrieved 22 August 2023.
  22. ^ "IGP.com onboards Kajol for its Mother's Day Campaign". India Retailing. 2 May 2023. Retrieved 22 August 2023.
  23. ^ "Pooja Hegde Shines as IGP's Face of RakhshaBandhan Campaign 2023". Telugu Times.
  24. ^ Saligrama, Anirudh (6 October 2016). "Online Gifting Platform Indian Gifts Portal Raises $2 Million". Mumbai: Techstory.
  25. ^ Sharma, Shweta (21 December 2017). "Venture Catalysts invests in online gifting company IGP.com". VCCircle.
  26. ^ Mundhra, Laxitha (15 February 2022). "Celebration-Focussed 'House Of Brands' Join Ventures Raises $10 Mn; To Expand Dark Stores Network". Inc42 Media. Retrieved 22 August 2022.
  27. ^ "Gifting solutions company Join Ventures raises $23.5 million in funding". The Economic Times. 22 September 2022. ISSN 0013-0389.
  28. ^ "D2C brand Join Ventures bags $23.5 million funding from Motilal Oswal". Moneycontrol. 22 September 2022.
  29. ^ "India's 20 hottest e-commerce startups". rediff.com. 2 February 2011.
  30. ^ "जयपुर में तोड़ा कनाडा का 10 साल पुराना वर्ल्ड रिकॉर्ड:44km लंबी ब्रेसलेट चेन से बनाया इतिहास, 10 हजार कारीगरों ने 1 साल की मेहनत". Dainik Bhaskar (in Hindi).
  31. ^ "Guinness World Records: टूटा 10 साल पुराना वर्ल्ड रेकॉर्ड, 1,25,560 राखियों से बनाई ब्रेसलेट्स की सबसे लंबी चेन | Guinness World Records: Canada's 10 Year Old Largest Bracelet Chain World Record Broke By Jaipur". Patrika News (in Hindi). 17 August 2023.
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