Pepperfry To Raise INR 43 Cr From Existing Investors

D2C furniture startup Pepperfry is set to raise a funding of INR 43.3 Cr (around $5.07 Mn) from existing investors General Electric, Norwest Venture Partners and Goldman Sachs to support its growth, expansion and other corporate purposes.

This fundraise is likely a part of a larger ongoing round.

As per the MCA filing assessed by Inc42, the company passed a special resolution to approve the issue of 5,59,463 Series 12A Compulsorily Convertible Preference Shares (CCPS) at an issue price of INR 775 per share.

While General Electric Pension Trust will invest INR 21.5 Cr, Norwest Venture Partners VII-A Mauritius and Panthera Growth Fund VCC – Panthera Growth I will infuse INR 8.51 Cr and INR 6.45 Cr, respectively.

Besides, Goldman Sachs Asia Strategic Pte Ltd will invest INR 4.04 Cr in the funding round that will also see participation from Growth Equity Opportunity Fund Cayman Holdings Ltd and Erste WV Gutersloh GmbH.

Entrackr reported the development first.

Founded in 2012 by late Ambareesh Murty, along with Ashish Shah, Pepperfry sells a wide range of furniture and other home products through its website, ecommerce marketplaces, and offline stores. The startup claims to serve in more than 6,500 pin codes across 173 cities in India.

It also has over 200 studios, showcasing a wide range of furniture from its online portfolio. Additionally, it offers services such as customisation of furniture and advice related to designs from interior design consultants.

Till date, Pepperfry has raised over $305 Mn in total funding from investors like Bertelsmann India and InnoVen Capital among others. It last raised $23 Mn in September 2023.

On the financial front, in the financial year 2023-24 (FY24) from INR 187.6 Cr in the previous fiscal year.

Pepperfry’s revenue from operations plunged nearly 31% to INR 188.9 Cr in FY24 from INR 272.4 Cr in FY23.

The startup had plans to go public in the past. After converting into a public company in 2022, Pepperfry planned to go for an initial public offering (IPO) in the second half of that year.

However, iand decided to focus on growth and profitability instead. On shelving IPO plans, Shah said the company will instead focus on growth and profitability.

Pepperfry competes with the likes of WoodenStreet, Arrivae, and Green Soul in the online furniture market.

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