Gifting Startup Indian Gifts Portal Raises $2 M in Funding

Gifting platform Indian Gifts Portal (IGP) has raised $2 million in a fresh round of funding from Naveen Arya, promoter, Karamchand Appliances and Tarun Joshi, director of UK-based private equity firm 3i.

The funds raised will be used to develop machine learning technology for its portal, which would help users to discover the right kind of gift, based on specific occasions. IGP will also use the investment to build a strong senior management team, the company said.

Indian Gifts Portal, which was started as a part of B2B marketplace IndiaMart, was made into an independent entity in 2012 by Tarun Joshi, who roped in Rahul Garg as its chief executive.