The company will use the funding to invest in technology to boost its ecommerce play
Founded in 1994 by Vikaas Gutgutia, Ferns N Petals started with a single store and was one of the first in India to adopt the ecommerce model in 2002.
The company reportedly generated net sales of nearly INR 500 Cr in FY21 despite COVID pummeling the gifting economy.
Gifting platform, Ferns N Petals (FNP), has raised INR 200 Cr in funding from private equity firm, Lighthouse.
The company will use the funding to invest in technology to boost its ecommerce play.
“We are very excited to partner with Lighthouse and look forward to learning from their deep consumer insights, developed through a focused investment approach,” FNP Managing Director and founder, Vikaas Gutgutia said.
Founded in 1994 by Gutgutia, Ferns N Petals is a pioneer in the gifting segment. The company started with a single store and was one of the first in India to adopt the ecommerce model in 2002.
The company has around 400 outlets in more than 125 cities across India. The firm also has an international presence in countries like UAE, Singapore and Qatar Doha. It also plans to expand into Saudi Arabia, Malaysia, Indonesia, the Philippines, the UK and Russia in the near future.
The company aims to open 70 new stores in this financial year itself, adding that it plans to have more than 1,000 outlets in the next three years.
FNP claims to have generated net sales of nearly INR 500 Cr in FY21 despite COVID pummeling supply chain and the gifting economy.
In a bid to minimise the fallout of the pandemic, the company had opted for innovative offers and aggressive scale-up plans to woo customers. FNP launched a slew of digital gifting options during the lockdown such as a musician on call, digital caricatures, celebrity video messages and more.
Lighthouse Founding Partner, Sachin Bhartiya, said, “…Online gifting has hardly scratched the surface and has huge headroom to grow, with digital tailwinds supporting such growth.”
The company has also ventured into the baby care space with the launch of its BabyBless platform.
Ferns N Petals faces stiff competition from other major market players which include IGP, Archies’, among others.
According to a report, India’s gifting industry was pegged at $119 Mn in 2019 and is expected to soar to $159 Mn by 2025.
Another report stated that the online gifting market in the country was estimated to be around $65 Mn in early 2021 and is expected to soar to $84 Bn by 2024.
The demand has been fueled by more disposable income for the middle class, easy access to personalised gifting and burgeoning gifting culture emerging in the country.
