Dubai: Ferns N Petals, the UAE’s favourite online gifting platform, intends to raise private equity funds to help power its expansion plans in the region and beyond. Boasting a unique business model, the much-loved brand has long been one of the most successful virtual shopping destinations in Asia. The additional funds will fuel its branding activities, geographical expansion, acquisitions, and technological advancement throughout the Middle East and across the globe.
Aiming to strengthen its portfolio across various sectors, the online retailer intends to further diversify into consumer, technology, e-commerce, marketplace and corporate gifting products. The upcoming private equity drive will be managed and advised by Motilal Oswal, an Indian diversified financial services firm.
Originally founded in India 27 years ago, Ferns N Petals has already expanded to open branches in the UAE, Singapore and Qatar. Next, it hopes to increase its presence in Saudi Arabia, Malaysia, Indonesia, Philippines, the UK and Russia. Starting in 1994 with a single outlet, the company has grown into an established brand with 11 verticals and a topline of INR400 crore (AED 200 million) in the previous financial year. Through continuous emphasis on product category, design and group innovation, the company continues to delight shoppers with its vast array of ever evolving items, and maintain a loyal customer base.
Talking about the latest fundraising activity, Mr Vikaas Gutgutia, Managing Director and Founder of Ferns N petals, said, “By adopting a private equity investment strategy, we plan to raise funds throughout the upcoming financial year and use these to expand our business. This will deepen our distribution network, enable us to build on our brand, increase the quality of our already excellent customer service and give our stakeholders even better value for money. It is also a great opportunity for us to rapidly progress towards achieving our goals and strengthen our overall business model.”
As well as expanding internationally, the popular retailer also intends to invest in technological methods to help it grasp a deeper understanding of consumer trends. By maintaining a robust technical support system and end-to-end digitalisation, Ferns N Petals was already able to adapt, flourish and thrive during the challenges brought on by the pandemic.
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