IGP.com/IGP is an Uttar Pradesh – based online gifting startup. The startup announced yesterday (21/12/2017) that it has raised an undisclosed amount of Pre Series funding from the VC firm, Venture Catalysts. A few angel investors like Sarvesh Goel, Abhijeet Birewar and Amit Dhanki are also reported to have participated in that round of funding. IGP will use the funds to improve its supply chain and enhance its brand image by means of advertisements. Read more on Investments
Prior to this round of funding, IGP had secured US $2 million in seed round of funding from a few HNIs like Naveen Arya and Tarun Joshi. The startup underwent a management re-shuffle during January, this year (2017), the outcome of which was that Tarun Joshi became the Chairman of the startup to lead the startup’s global expansion plans. According to VC Circle, IGP.com is owned and run by Intermesh Shopping Network Pvt. Ltd. and was prior to that a part of IndiaMART, an online B2B platform for small and medium-sized businesses. IndiaMART was bought by Mr Joshi in 2012. He made Rahul Garg as the startup’s (IGP.com) CEO in 2015 when he bought Mr Garg’s startup, ArtisanGilt.com during the same year. However, Mr Garg is no longer working with the startup and quit his post during May 2017. Mr Garg is now working with the VC firm, Kalaari Capital.
IGP.com primarily offers gifts in categories like festival merchandise, flowers, gourmet, jewellery, toys and handicrafts among others. The startup currently has offices in cities like Mumbai, Lucknow, Noida, Jaipur and California, USA. The startup also has a mobile app apart from its website which recommends gifts based on the occasion. Customers can order their gifts online and have them delivered at their doorsteps or to their relative’s, friend’s or colleague’s place. The startup presently operates across 200 cities and towns in India and across 100 countries around the world.
“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.
The other gifting startups to get funded this year (2017) include the gifting startup, Easter Egg, which secured Rs. 2.7 crores (US $400,000) from Wealthy Ideas during March, this year. The customer engagement and rewards startup, EasyRewardz, secured US $2 million (Rs. 13 crores) in Series A round of funding from Trans-Continental Venture Fund during November 2017 just to name a few. Read more on Startup News
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