Furniture retailer Pepperfry raises Rs 43 crore from existing investors
Omnichannel furniture and home goods company
Pepperfry
has raised Rs 43.3 crore from existing investors Norwest Venture Partners, Goldman Sachs, General Electric Pension Trust, Growth Equity Opportunity Fund, and Panthera Growth Partners, among others.
General Electric Pension Trust led the round with an investment of Rs 21.5 crore, followed by Norwest Venture Partners with Rs 8.5 crore and Panthera with Rs 6.4 crore. The remainder was contributed by other investors, according to the company's filings with the Registrar of Companies (RoC).
The company issued around 5.6 lakh compulsorily convertible preference shares with a face value of Rs 775 each on a private placement basis.
In its last funding round, the Mumbai-based company had raised $23 million in 2022 from the same group of investors. Prior to that, it had secured $45 million in debt funding in 2021.
News website Entrackr first reported the latest development.
Pepperfry had postponed its planned
initial public offering
(IPO) last year after engaging with bankers, as it was focusing on growth and profitability, cofounder Ashish Shah had told ET in an earlier interaction.
The company, founded in 2012, had converted into a public entity in 2022 as part of its IPO preparations, which aimed to raise $250–300 million.
In FY24, Pepperfry reported a 30.6 per cent year-on-year decline in operating revenue to Rs 188.9 crore. However, it narrowed its losses by 37.4 per cent to Rs 117.4 crore, from Rs 187.6 crore in the previous year.
The company competes with ecommerce platforms such as Amazon India and Flipkart, as well as Reliance-owned Urban Ladder, and generates most of its revenue through commissions on product sales.
Pepperfry has also been expanding its home décor segment and has onboarded multiple direct-to-consumer brands to strengthen its portfolio.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
32 minutes ago
- Time of India
Robots could soon replace humans to deliver your Amazon orders
Amazon is developing humanoid robots that could soon replace human delivery workers, with plans to have the machines "spring out" of Rivian electric vans to deliver packages directly to customers' doors. The e-commerce giant has constructed a "humanoid park" testing facility at its San Francisco office, according to a report by The Information. The indoor obstacle course, roughly the size of a coffee shop, features a Rivian delivery van where Amazon will test various humanoid robots in simulated delivery scenarios. The company is developing artificial intelligence software to power these robots while using hardware from external manufacturers. One robot being tested is a $16,000 unit from China-based Unitree, though Amazon plans to evaluate multiple humanoid models during the trials. Once testing concludes at the facility, Amazon intends to conduct real-world "field trips" where robots will attempt actual package deliveries to homes. The robots would travel in the back of Amazon's fleet of over 20,000 Rivian electric vans, potentially speeding up delivery times by allowing simultaneous drops at multiple addresses. This initiative represents a significant expansion of Amazon's existing robotics program. The company already uses autonomous robots extensively in its warehouses and has previously trialed Agility Robotics' humanoid "Digit" robot for logistics tasks. However, deploying humanoid robots for last-mile delivery in uncontrolled outdoor environments presents new technical challenges. The development coincides with Amazon's broader AI push announced Wednesday, which includes agentic AI systems for warehouse operations and generative AI for enhanced delivery mapping. The company is also working on smart eyeglasses for drivers that would provide hands-free navigation and delivery instructions. Amazon's humanoid delivery robot project could eventually impact hundreds of thousands of delivery jobs globally, as the company seeks to fully automate package delivery from warehouse to doorstep. The timeline for real-world deployment remains unclear, with testing still in early phases. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
an hour ago
- Economic Times
Wealthtech platform Syfe closes $80 million funding round, plans to expand tech team in India
ETtech Dhruv Arora, founder and CEO, Syfe Singapore-based wealth management platform Syfe has raised $53 million in a fresh funding round, led by two UK-based family offices. London-based investment firm Unbound and Peter Thiel's Valar Ventures, both existing investors, also participated in the round. In August 2024, the company had raised $27 million as part of the same round, and this extension takes the total funds raised in the round to $80 million. Founded by Dhruv Arora, an IIT Bombay alumnus and previously a senior executive at Grofers (now Blinkit), the startup is a savings and investment platform that provides diversified proprietary portfolios, cash management solutions and brokerage services to individuals. While the platform operates in Singapore, Hong Kong and Australia, its technology centre is located in Gurugram. In a statement, the company said that it intends to use these funds to hire more talent for its tech centre in Gurugram. Over the last year, Syfe's headcount has grown by nearly 15% in India. 'Our team, based out of Gurugram Tech Headquarters in India, plays a critical role in driving this expansion and building a truly global offering,' Arora, said in a press release. 'This fundraise comes at an exciting time as we grow our presence across the region and expand our offerings,' Arora added. 'In our markets of Singapore, Hong Kong and Australia, nearly half of all adults are in the 'mass affluent' segment, meaning those who have between a few hundred to a few million dollars in investable assets, and this segment is growing fast.'Last month, Syfe acquired Australia-based online investment platform Selfwealth. The company is also prioritising automation and artificial intelligence adoption for internal operations as well as on the client side.
India Gazette
an hour ago
- India Gazette
J-K CM Omar Abdullah, Union Minister Jitendra Singh, inspect Katra railway station ahead of PM Modi's visit
Katra (Jammu and Kashmir) [India], June 5 (ANI): Jammu and Kashmir Chief Minister Omar Abdullah and Union Minister Jitendra Singh inspected the Katra railway station and the Vande Bharat train on Thursday ahead of Prime Minister Narendra Modi's visit on June 6. PM Modi will flag off the first Vande Bharat train to Kashmir on Friday. CM Omar Abdullah said, 'If I tell you that I have been waiting for this moment for a long time, it will still not be enough. This rail project began when I was in the 7th or 8th class. Now, even my children have started working after completing school and college. But, better late than PM will inaugurate the Vande Bharat services and it will benefit highway gets blocked, the airlines start selling tickets of Rs 5,000 for Rs 20,000, such issues will be solved from now on.' He further said that horticulture produce would be easily sent to the market. 'This project has set many records. The Chenab Bridge is higher than the Eiffel Tower. Anji Khad Bridge is the longest cable-stayed railway bridge in the country. There are many tunnels between Katra and Banihal. The project will be boost for economy and tourism. Now it will take 4 hours from Srinagar to Katra. We will ensure successful Amarnath Yatra,' he added. Union Minister Jitendra Singh said, 'In 2014, when PM Modi took oath as PM, the work on this bridge had almost stopped. There were controversies about the tallest bridge in the world as well, whether it would be possible to build such a bridge and whether it would be safe. There would be ease of travel and ease of business. Within 3 hours, you can reach Srinagar from here. The rush on the highway will reduce. This will become a part of Viksit Bharat.' The Northern Railway on Thursday announced the commencement of regular services of the Vande Bharat Express trains between Srinagar and Shri Mata Vaishno Devi Katra starting June 7. The services will operate six days a week, enhancing connectivity between the Kashmir Valley and the prominent pilgrimage destination. Two pairs of Vande Bharat Express trains, Train Nos. 26404/26403 and 26401/26402 were introduced on the Srinagar-Katra-Srinagar route, with an intermediate halt at Banihal. The trains were set to operate six days a week, excluding Wednesdays. (ANI)
