Lighthouse India Fund III, Limited has invested INR 200 crores (USD 27 million) in Ferns N Petals Private Limited (“FnP”), India’s leading gifting platform.
Starting its journey from a single flower store in Delhi, FnP has grown to become India's largest, most well-known gifting platform, delighting more than two million customers annually. The Company offers over 40,000 products across various categories, such as cakes, flowers, plants, chocolates, and personalized merchandise. The Company operates through a network of more than 400 franchised FnP stores across India, serving 99% of the Indian pin codes and delivers the majority of its orders within 24 hours. Beyond India, the Company has on-ground operations in the UAE, Singapore, and Qatar and plans to further expand into Saudi Arabia, Malaysia, Indonesia, the Philippines, and the UK soon. Despite Covid related disruptions, the Company has maintained a 40%+ growth rate and expects a turnover of nearly INR 600 crore in the current financial year.
“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”, shared Vikaas Gutgutia, Founder & Managing Director at Ferns N Petals.
On the partnership, Pawan Gadia, CEO, Retail & Online at Ferns N Petals India, GCC & APAC Regions, said, “Online gifting has its nuances which significantly differentiates it from other online D2C categories. The delivery experience plays as critical a role as the gift itself, if not more. With this fundraising, we plan to invest in improving our systems and technology to ensure a superlative customer experience for all gifting occasions.”
“Gifting is a large but highly fragmented market in India. Online gifting has hardly scratched the surface and has huge headroom to grow, with digital tailwinds supporting such growth. FnP has all the required ingredients, including leading brand recall, its extensive supply chain network, a robust tech stack, and a seasoned management team, to capture a large share of this growth,” shared Sachin Bhartiya, Founding Partner at Lighthouse Advisors.
Lighthouse is a leading mid-market private equity firm focused on growth investments in India. Lighthouse has over half a billion dollars of assets under management and has invested in over 25 companies across consumer brands, digital transformation, healthcare, and specialty manufacturing. Lighthouse’s marquee investments include leading Indian brands like Bikaji Foods, Nykaa, Duroflex Mattresses, Fabindia, Cera Sanitaryware, Dhanuka Agritech, Kama Ayurveda, Poly Medicure, Shaily Engineering, Tynor Orthotics, Unibic Foods, and Wow! Momo.