Pepperfry Raises INR 43.3 Cr to Fuel Growth and Expansion
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Omnichannel furniture retailer Pepperfry has raised INR 43.3 crore (approximately USD 5.1 million) in a fresh funding round led by General Electric Pension Trust, alongside existing investors Norwest Venture Partners and Panthera Growth Partners.
According to filings sourced from the Registrar of Companies (RoC), General Electric Pension Trust invested the largest sum of INR 21.5 crore, followed by INR 8.52 crore from Norwest Venture Partners and INR 6.45 crore from Panthera.
The Pepperfry board approved the issuance of 5,59,463 compulsory convertible preference shares at INR 775 each, raising funds on a private placement basis. The company stated the funds will be deployed "for the growth, expansion and general corporate activities of the Company."
Founded in January 2012 by Ambareesh Murty and Ashish Shah, Pepperfry has become one of India's most recognised names in the online and offline furniture space. Headquartered in Mumbai, the company operates as a marketplace offering a wide selection of furniture and home décor products—ranging from sofas and beds to lighting, appliances, carpets, and outdoor essentials.
Pepperfry uses an omnichannel strategy, combining a robust e-commerce platform with over 200 Studio Pepperfry experience centers across 100+ cities. It also works on a franchise model and collaborates with major brands like Godrej, Springfit, and Spacewood, listing more than 10,000 products on its platform.
Valued at INR 3,120 crore (USD 367 million) post-allotment, Pepperfry competes with key players like Urban Ladder, Wakefit.co, and WoodenStreet. The company generates revenue primarily through commissions on product sales.
This latest funding round comes amid efforts to tighten financial controls. Despite a 30.6% drop in FY24 revenue to INR 188.98 crore, Pepperfry managed to cut losses by 37%, down to INR 117.4 crore from INR 187.6 crore in the previous year.
In a leadership update, co-founder Ashish Shah was elevated to CEO in 2023, and Madhusudan Bihani was appointed CFO a year later.
"We remain committed to redefining the furniture-buying experience in India," said Shah, "and this investment gives us the fuel to accelerate our mission."
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