Ferns N Petals (FNP), the leading gifting brand in India, is considering the possibility of going public with an Initial Public Offering (IPO) by 2025, while also evaluating the prospect of securing additional funding in 2024, Vikaas Gutgutia, Founder & MD of the company told BW Retail World.
“We are expanding,” said Gutgutia, “We probably look at more external funding next year or maybe an IPO earlier the year 2025, depending on whichever route our banker will suggest.”
The company currently eyeing Rs 800 crore in revenue for this financial year (FY24).
Additionally, FNP is aiming to open 50 new outlets annually for the next two years. It is experiencing a steady 30-40 per cent year-on-year (YoY) growth. Speaking about the company’s vision, Gutgutia stated, “We should be the Ola and Uber of gifting.”
Presently, the brand has around 400 outlets spread across 130 cities in India, where it claims to serve more than 90 per cent of pin codes of the country.
In the digital realm, FNP is thriving, with online sales accounting for a significant 70 per cent of their total revenue compared to 30 per cent from physical outlets.
In the further conversation, Gutgutia shared their international expansion plans pursuing Saudi Arabia as their next big market, “International is a wave for us, which we are riding cautiously,” he said.
According to the founder, after Saudi Arabia, Indonesia and the Philippines would be the next target market for FNP.