Gifting platform Ferns N Petals on Saturday said Lighthouse India Fund III has invested Rs 200 crore (USD 27 million) in it.
The company plans to use the funds to invest in improving its systems and technology to enhance customer experience for all gifting occasions, Ferns N Petals (FnP) said in a statement.
"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 Founder & Managing Director Vikaas Gutgutia said.
The company, which operates through a network of over 400 franchised stores across India, also has operations in the UAE, Singapore, and Qatar and plans to further expand into Saudi Arabia, Malaysia, Indonesia, the Philippines and the UK soon.
It expects a turnover of nearly Rs 600 crore in the current financial year.
"With this fundraising, we plan to invest in improving our systems and technology to ensure a superlative customer experience for all gifting occasions," Pawan Gadia, CEO, Retail & Online at Ferns N Petals India, GCC & APAC Regions said.
On its investment in FnP, Lighthouse Advisors Founding Partner Sachin Bhartiya said 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," he added.
Lighthouse is a leading mid-market private equity firm focused on growth investments in India. It 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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