  We present results based on a well sampled optical ($UBVRI$) and ultraviolet
({\it Swift}/UVOT) imaging, and low-resolution optical spectroscopic follow-up
observations of the nearby Type Ic supernova (SN) ASASSN-16fp (SN 2016coi). The
SN was monitored during the photospheric phase ($-10$ to $+$33 days with
respect to the $B$-band maximum light). The rise to maximum light and early
post-maximum decline of the light curves are slow. The peak absolute magnitude
($M_{V}$ = $-17.7\pm0.2$ mag) of ASASSN-16fp is comparable with broad-lined Ic
SN 2002ap, SN 2012ap and transitional Ic SN 2004aw but considerably fainter
than the GRB/XRF associated supernovae (e.g. SN 1998bw, 2006aj). Similar to the
light curve, the spectral evolution is also slow. ASASSN-16fp shows distinct
photospheric phase spectral lines along with the C\,{\sc ii} features. The
expansion velocity of the ejecta near maximum light reached $\sim$16000 km
s$^{-1}$ and settled to $\sim$8000 km s$^{-1}$, $\sim$1 month post-maximum.
Analytical modelling of the quasi-bolometric light curve of ASASSN-16fp
suggests that $\sim$0.1 M$_{\odot}$ $^{56}$Ni mass was synthesized in the
explosion, with a kinetic energy of 6.9$^{+1.5}_{-1.3}$ $\times$ 10$^{51}$ erg
and total ejected mass of $\sim$4.5\,$\pm$\,0.3 M$_{\odot}$.
