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Furniture and home products marketplace, Pepperfry has raised INR 35 crore from InnoVen Capital. This is the third investment by InnoVen Capital in Pepperfry, which it had first funded in 2017. The startup has seen significant growth in the past months with improved economics for the business.
Sameer Mansukhani, Senior Director, InnoVen Capital India said, “We have seen Pepperfry grow and emerge as a category leader while adding new capabilities and product offerings on its platform. They have built a strong brand and this investment reaffirms our commitment to back high performing portfolio companies across their life cycle.”
To date, InnoVen Capital India has completed over 250 transactions with more than 180 start-ups, including Byjus, Swiggy, Oyo Rooms, CureFit, Eruditus, Dailyhunt, FirstCry, Snapdeal, PharmEasy, boAt, Licious, Myntra, Blackbuck, Rebel Foods, Pepperfry, Infra.Market, Zetwerk and many more.
About Pepperfry
Pepperfry is currently one of India's largest B2C distribution company. It has over 1.2 lakh products and over 120 lakh monthly visits on its platform. With more than 60 lakh registered users, the company also claims to have 67 studios, including both owned and franchise; across 25 cities in India. Some major names include Bengaluru, Gurugram, New Delhi, Pune, Noida, Mysore, and Chandigarh, among others. The company has raised nearly $300 million funds so far. It is now reportedly looking to go public in the next 12-18 months.
Neelesh Talathi, CFO, Pepperfry added, “We are pleased to deepen our partnership with InnoVen Capital. We remain focused on expanding Pepperfry’s leadership position in the Indian furniture and home eCommerce. Our business has seen strong momentum through Covid. We also continue to make good progress towards achieving profitability and managing cash flows.”
The company will use the funds to increase its footprint across the country. It also aims to capitalize “even beyond achieving profitability,” Neelesh added.