On Friday, the online gifting platform IGP revealed its expansion into the Dubai market, anticipating a revenue of USD 10 million (INR 80 crore) within the initial 1.5 years, as per the company’s statement on Friday.
The company asserts an annual revenue of USD 40 million, equivalent to approximately INR 320 crore.
“I am thrilled to announce our foray into the vibrant market of UAE. With an investment of USD 10 million and a dedicated team of over 100 professionals, we are set to transform gifting experiences in the region,” IGP Founder and CEO, Tarun Joshi said in a statement.
“IGP is a global brand, our goal is to become the ultimate destination for flowers, cakes, and gifts, enriching the lives of millions in the UAE and, in the long term, across the entire Middle East,” he said.
The company has set up a warehouse of over 20,000 sq ft in Dubai.
Joshi said he expects to generate revenue of USD 10 million in Dubai over a period of 18 months.