The concept of gifting has seen a sea change in the last few years due to advent of online shops and portals. One such company MyFlowerTree that started as a flower gifting company in 2012 has transformed to include personalised gifting options in 2015. Other than having an online presence that delivers to 300 plus cities in India & 20 plus countries, it has offline stores spread across India. Speaking with Telangana Today, MyFlowerTree founder and CEO Sumit Chhabra shares with Sruti Venugopal their plans in the coming future.
Journey and investment
While travelling to New York for official work for our parent company, we used the service of 1,800 Flowers there. And we realised that there is a lack of such services in the Indian market. With the booming e-commerce landscape and the advent of internet penetration, we decided to come up with a platform that can bridge the gap between the customers and florist in India and globally. Therefore, we started MyFlowerTree in the year 2009. Till 2012 it was about flowers and then we extended our line for cakes followed by personalised gifting options like coffee mugs, cushions, bottle lamps etc. in the year 2015. We invested about Rs 50 lakh in business around 2008. After two-and-a-half years, the second round of investment was made, which was again around Rs 50 lakh.
Revenues and top 3 cities
We have seen double-digit growth year on year. Revenue in first year was Rs 30 lakh and current revenue is Rs 30 crore. We are experiencing YoY growth of about 250 per cent. We have always witnessed a significant portion of our traffic coming from tier I cities like Delhi, Bangalore, Mumbai, Hyderabad and Kolkata but due to internet penetration a lot of orders these days are coming from non-metros as well like Kanpur, Indore, Jalandhar, Jamshedpur, Dhanbad etc.
We receive about 900-1,000 orders on a regular day and 8,000-10,000 orders on festivals and special occasions like Valentine’s Day, Raksha Bandhan, Mother’s Day, New Year etc. We have a huge market share coming from Telangana which is about 10 per cent of the total orders. We are available in three locations in Hyderabad – two franchise-based and one hub.
We are targeting Rs 100 crore revenue by the year 2022 and plan to expand our offline retail presence in India by introducing 100+ stores in cities like Jaipur, Ranchi, Patna, Dhanbad and Allahabad. Soon we are planning to come up with imported flowers category – by offering luxury flower arrangement to our customers at an affordable price.