Furniture retailer Pepperfry raises Rs 43 crore from existing investors
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.
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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.
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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.
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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% year-on-year decline in operating revenue to Rs 188.9 crore. However, it narrowed its losses by 37.4% 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.
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