Lighthouse, a private equity firm, has invested Rs 200 crore ($27 million approximately) in gifting platform Ferns N Petals (FnP) via its Lighthouse India Fund III.
As per the gifting platform, the raised funds will be used to enhance the delivery experience, improve its systems and technology platform.
Ferns N Petals | India’s Largest Gifting Chain
Founded by Vikaas Gutgutia, Ferns N Petals started as a florist and now offers 40,000 products. Over years, the platform has expanded into other verticals, including cakes, chocolates, plants, cosmetics and spas, perfumes, personalised gifts, experiential gifts and others.
Speaking about the development, Vikaas Gutgutia said,
“Gifting is all about ‘delight’, and at FnP, we are committed to offering the best-curated experience to our customers and their loved ones. We are very excited to partner with Lighthouse and look forward to learning from their deep consumer insights, developed through a focused investment approach.”
Operating through a franchisee model, the gifting platform has a network of over 400 stores across India. It also has a presence in three countries beyond India, including UAE, Singapore and Qatar. Recently, the platform also added personalised wishes by celebrities and influencers on its platform, including Sneha Ullal, Salim Merchant, Delnaaz Irani, and others.
Vikaas Gutgutia added that the company was also looking to add liquor as a category with relaxation on state government norms in some regions. Additionally, the platform plans on expanding its geographical footprint to Saudi Arabia, Malaysia, Indonesia, the Philippines, and the UK.
Despite challenges faced due to the pandemic, Ferns N Petals claimed to have clocked Rs 600 crore in turnover for FY 2021-22 and maintained a growth rate of over 40 per cent.
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