FNP quick-commerce bet drives eight-fold jump, IPO targeted by FY29

Flowers account for about 40% of revenue. Cakes contribute 30%, personalized gifts 10%, and the rest comes from hampers, plants and other items. The company expects its India and overseas businesses to contribute almost equally this year. The West Asia business–spanning the UAE, Qatar and Saudi Arabia–is expected to generate around ₹500 crore in revenue this year.

FNP is also seeing higher spending on premium gifting through its Luxe brand, which currently contributes around 8% of revenue. The premium platform has an average order value of about ₹2,200 compared with ₹1,400 across the broader business. Gadia expects that share to rise to about 12% by March and eventually account for roughly one-fifth of overall sales as the brand expands beyond Delhi, Mumbai and Bengaluru into Hyderabad, Pune and Kolkata.

The company returned to profitability after reporting its first-ever loss following the 2022 funding round. Gadia said the company had significantly increased spending on advertising, technology and hiring to accelerate growth after raising capital, later scaled back costs.

“We were growing at about 25% annually. After the funding, we wanted to grow faster, so we invested heavily in marketing, technology and people. That contributed to our first loss,” he said. The company reported an Ebitda margin of around 3% in FY26.

In India, FNP operates about 300 retail outlets, including around 275 franchise stores and 25 company-owned locations. It plans to add company-owned stores in metros while expanding through franchisees in smaller markets. The top eight cities contribute about half of the revenue, with the rest coming from nearly 200 other cities.

Despite growing competition from newer gifting platforms and quick-commerce players, Gadia said India's organized gifting market has significant room for growth as rising incomes and changing consumer behavior encourage more spending on personalized gifts.

“People increasingly want to express themselves. Personalization and convenience are becoming a much bigger part of gifting than they were a few years ago,” he said.