Ferns N Petals targets 2028 IPO, 350 stores and 25% annual growth

Ferns N Petals is planning an IPO by end-2028 as it pursues gifting-brand acquisitions, franchise-led expansion in smaller cities and a network of 350 stores by FY28, up from about 280 today.

— Source publishedWed, 29 Jul, 2026, 10:59 IST·First seen Wed, 29 Jul, 2026, 11:02 IST·Source Entrackr · Newsletter

What happened

Ferns N Petals (FNP) · Ferns N Petals plans an IPO by end-2028 to fund expansion and gifting-brand acquisitions. The omnichannel retailer aims for 25% annual

Key facts

  • IPO targeted by end-2028
  • ~25% annual revenue growth target
  • FY26 revenue: Rs 1,085 crore
  • FY26 revenue growth: 25% YoY
  • Core earnings margin target: 5-6% this fiscal
  • Previous core earnings margin: 2.5%
  • India contributes nearly 55% of revenue
  • Store target: 350 by FY28
  • Current stores: around 280
  • Funding raised: around $27 million

Why this matters

Ferns N Petals is signaling active interest in gifting-brand acquisitions, creating an opportunity for complementary brands with strong categories, regional reach or digital capabilities to become strategic targets.

What to watch

  • Net new store openings versus closures and the franchise-versus-company-operated mix.
  • Same-store sales, franchisee payback periods and outlet-level profitability in smaller cities.
  • Evidence that 25% growth is being achieved without materially higher discounting or marketing spend.
  • Acquisition announcements, integration performance and expansion into cakes, plants, personalized products, experiences or corporate gifting.
  • On-time delivery rates, cancellations and customer complaints during Valentine's Day, Raksha Bandhan, Diwali and wedding seasons.
  • Growth in corporate-gifting revenue and repeat-order frequency.
  • Operating-margin and cash-flow trajectory, plus any pre-IPO fundraising, auditor or board appointments.
  • Prioritize franchise partners with local operating capability and enforce standardized delivery, inventory and brand-quality metrics.
  • Acquire adjacent gifting brands with repeat-purchase potential, differentiated products or corporate-gifting access rather than purely adding revenue.
  • Build regional fulfillment, cold-chain and hyperlocal delivery capacity ahead of new-store clusters to protect peak-occasion service levels.
  • Increase corporate, subscription and occasion-reminder programs to reduce reliance on festival and event spikes.
  • Prepare IPO-grade reporting, franchise disclosure, governance and profitability metrics well before the proposed 2028 listing window.

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