No Listing Plans Before Hitting INR 1,500 Cr Revenue Pot: FNP’S Pawan Gadia

Amid the ongoing initial public offering (IPO) boom, Ferns N Petal’s (FNP) global chief executive and director Pawan Gadia has said that the gifting platform needs to bolster its financial health before hitting the public market. 

Speaking at a fireside chat titled “Three Decades Of Gifting: How Ferns N Petals Cracked The Omnichannel Play” at Inc42’s D2C Summit, Gadia said that he has set a benchmark of INR 6,000- 8,000 Cr valuation for FNP by FY27 before the company goes for an IPO. 

Besides this valuation, the company is also chasing a top line of INR 1,500 Cr as well as EBITDA of INR 150 Cr before it goes public. The brand, in 2022, raised INR 200 Cr at a valuation of INR 2,400 Cr, according to Gadia. Post the fundraise, he said that FnP’s losses zoomed to a “historic” INR 100 Cr in FY23. 

“Post the historic loss making fiscal, we have turned around the business back to the black in FY24. For FY25, we are aiming to realise revenues to the tune of INR 1,000 Cr,” Gadia said. 

Founded in 1994 by Vikaas Gutgutia, Ferns N Petals operates in the gifting segment primarily, offering customers flowers, cakes, customised goods, among others. The company started with a single store in Delhi and has now expanded across the country delivering a slew of gifting services.

It was also one of the first in India to adopt the ecommerce model in 2002. Gadia said that FNP has bolstered its ecommerce presence by enrolling on new platforms as well as on quick commerce platforms like Blinkit and Zepto. 

Moving forward, the CEO said FNP is looking to focus on growing its vertical, “Last Journey”, via which it offers funeral services pan-India. The company offers services like repatriation, memorial, cremation, hearse services, etc, among other services. 

This comes amid many tech companies taking the IPO route in the ongoing  calendar year. While startups like Awfis, TBO Tek, and ixigo, among others, have already made bumper listings on the bourses this year, three new entrants, namely Ola Electric, Unicommerce, and Firstcry are expected to take the IPO plunge soon.

The D2C Summit is presented by Broadway, co-presented by Simpl and Emiza, powered by Venture Catalysts++, Zippee, Pay10 and Mobavenue, along with associate partners NITRO and Rukam Capital.