IGP (e-gifting retailer)
 | |
| Company type | Private company |
|---|---|
| Industry | E-Commerce |
| Founded | 2016 |
| Founder | Tarun Joshi |
| Headquarters | , |
Number of locations | 50 in Indian cities,[1] 1 in USA |
Area served | Worldwide |
Key people | Tarun Joshi (Founder & CEO) Priyesh Neema (CPO) |
| Revenue |  US$30 million (2020) |
Number of employees | 300 |
| Website | www ae |
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.[2] The company is headquartered in Mumbai, India, and operates in India, Singapore and UAE. [3][4][5]
History
[edit]IGP was founded in 1999 and acquired by Indian entrepreneur and investor Tarun Joshi in 2012.[6][7][8] In 2015, the company acquired ArtisanGilt, an e-commerce portal for ethnic wear and fashion jewellery.[9]
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.[10] In February 2024, the company launched its new retail store in Bandra West, Vashi, & Breach Candy.[11][12]
Partnership
[edit]In October 2017, Interflora, a global flower delivery network opened its first office in Mumbai in partnership with IGP.[13] In July 2019, IGP formed a partnership with The Womb as a part of their business and brand growth journey.[14]
IGP was the official gifting partner of the Akshay Kumar starrer Rakshabandhan movie.[15]
Funding
[edit]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.[10][16]
In December 2017, the company raised an undisclosed amount of Pre Series A funding led by Venture Catalysts.[17]
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.[18] 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).[19][20]
Awards and recognition
[edit]2023: IGP was awarded the Guinness World Record for creating the longest chain of bracelets in the form of Rakhis.[21][22]
See also
[edit]References
[edit]- ^ Sharma, Amisha (16 June 2023). "Daughters More Likely To Gift Fathers On Father's Day: IGP". BW Retail World. Retrieved 21 August 2023.
- ^ Tauseef, Samita; Kaur, Simran (28 June 2015). "To the loved ones". The Hindu.
- ^ "India's Largest Online Gifting Company IGP.com.com Dominates $30bn Market". The CEO Magazine - India. 26 December 2015.
- ^ Gomes Kapur, Suruchi (25 August 2016). "Clear & 'present' gamechanger". Deccan Chronicle.
- ^ "Retail India News: IGP Unveils New Brand Identity Centered Around Emotions and Relationships". Indian Retailer. 27 June 2023. Retrieved 4 August 2023.
- ^ Nair-Ghaswalla, Amrita. "How an aeronautical engineer winged it to a gifting platform". Business Line.
- ^ "IndianGiftsPortal moves to IGP.com & launches India's first gift discovery platform". The Hindu Business Line. 16 January 2017.
- ^ Paul, Binu (31 January 2017). "Exclusive : Management rejig at IGP as majority investor Tarun Joshi takes charge". VCCircle.
- ^ Paul, Binu (31 January 2017). "Majority investor Tarun Joshi takes control at gifting firm IGP". VCCircle. Retrieved 22 August 2022.
- ^ a b Chopra, Ambika (5 October 2016). "Online Gifting Platform Indian Gifts Portal Secures $2 Mn From Angel Investors". Inc42.com.
- ^ "IGP Unveils 1st Experiential Retail Store In Bandra". Businessworld. 27 February 2024.
- ^ 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.
- ^ Sharma, Komal (13 October 2017). "Global flower delivery service Interflora comes to India". Mint.
- ^ "The Womb creates 'invisible device' for IGP.com - Exchange4media". Exchange4media. Retrieved 22 August 2022.
- ^ "Rakshabandhan cast and crew visit igp.com artisans in Jaipur". Business Source. 9 August 2022. Retrieved 22 August 2022.
- ^ Saligrama, Anirudh (6 October 2016). "Online Gifting Platform Indian Gifts Portal Raises $2 Million". Mumbai: Techstory.
- ^ Sharma, Shweta (21 December 2017). "Venture Catalysts invests in online gifting company IGP.com". VCCircle.
- ^ 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.
- ^ "Gifting solutions company Join Ventures raises $23.5 million in funding". The Economic Times. 22 September 2022. ISSN 0013-0389.
- ^ "D2C brand Join Ventures bags $23.5 million funding from Motilal Oswal". Moneycontrol. 22 September 2022.
- ^ "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).
- ^ "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.