MUMBAI: Online gifting platform Indian Gifts Portal (IGP) has reportedly secured $2 million (Rs. 13 crore approx) from Naveen Arya, promoter, Karamchand Appliances and Tarun Joshi, Director, PE firm, 3i.
The company plans to use the fresh capital to develop machine learning technology for its gift-discovery portal. It will also be used to scale up senior management.
IGP was founded in 2001 by Manan Sharma, and is operated by Intermesh Shopping Network Pvt. Ltd. The company claims to be the largest platform for Indian ethnic products and gifts and has the largest collection of products that caters to Indian festivals and events.
According to IGP website, the company offers its users gifting options from 190+ categories which includes edible, perishables, apparel, home appliances among others. The company currently has four offices in India – Mumbai, Noida, Jaipur, and Lucknow, and one in Los Angeles, California.
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