Pepperfry

Pepperfry Limited, formerly known as Pepperfry, is an Indian online marketplace for furniture and home décor.[3] The company was founded in July 2011 by Ambareesh Murty and Ashish Shah, and is headquartered in Mumbai.[4] As of 2023, Pepperfry has 43 company-owned studios and 142 studios operating under its franchise model.[5]

Pepperfry
TypePublic
Industry
FoundedJuly 2011 (2011-07)
Headquarters
Mumbai
,
India
Area served
India
Key people
ProductsFurniture, home décor
Revenue
Increase Rs 247.0 Cr (2022)[2]
Increase Rs 201 Cr (2021)
WebsiteOfficial website

In May 2022, the company became a public company and announced plans to list on stock exchanges.[6][7]

History

Pepperfry was founded in Mumbai in 2011 by Ambareesh Murty and Ashish Shah, both former eBay executives.[8][4] The company opened its first offline store in Mumbai in 2014[9] and expanded to over 70 stores across 28 cities in India by 2019.[10][11][12] It currently operates 43 company-owned studios in 13 cities and 142 franchise-owned studios in 109 cities,[5] along with a logistics network, PepCart.[13][14] In 2020, Pepperfry entered the home interior space through partnerships with companies such as Hettich, Bosch, Siemens, Kajaria, and Gyproc, among others.[15]

Pepperfry has warehouses in Bangalore, Jodhpur, Mumbai, and Delhi.[16][17][13] In 2023, it added a fifth warehouse in Bangalore's Hoskote area.[18]

In 2023, Pepperfry appointed Ashish Shah as the new CEO after the demise of former chief, Ambareesh Murty.[19]

Funding

Pepperfry has raised a total of $285.3 million through ten funding rounds.[7][1] In 2011, the company secured $5 million in its initial funding round,[20] followed by an additional $8 million in a Series B funding round in 2013. Both funding rounds were led by Norwest Venture Partners India (NVP).

In May 2015, Pepperfry raised $15 million in a Series C funding round, with participation from Bertelsmann India Investments and NVP.[21]

In July 2015, the company raised $100 million in a Series D funding round. This round included investments from early backers as well as notable investors such as Goldman Sachs and Zodius Technology Fund.[22][23]

In 2016, Pepperfry raised a total of $69 million in a Series E funding round, with State Street Global Advisors and existing investors contributing to the funding. [24]

In 2020, Pepperfry secured $40 million in a Series F funding round, with Pidilite Industries taking the lead as the main investor.[25]

In 2021, Pepperfry raised $5 million in funding, and later on, an additional $40 million through a round of debt funding. The investors in this round included Norwest Venture, General Electric Pension Trust, and 45 family businesses and trusts.[7]

Marketing and campaigns

Pepperfry launched the Swadeshi Is Great campaign in 2023 to celebrate and support local artisans and their products.[26]

Awards and recognition
  • 2012 Red Herring Asia Top 100 award.[27][28]
  • 2014: Awarded the "Pure-Play e-Retailer of the Year" at the Indian e-Retail Congress.[29]

References
  1. "[What The Financials] Pepperfry FY20 Revenue Grows 26%; Lower Advertising Costs Help Trim Loss". Inc42 Media. 5 February 2021.
  2. "Pepperfry's revenue touches Rs 250 Cr, losses widen 83%". entrackr. 23 September 2022.
  3. Kotecha, Arushi (28 November 2017). "Pepperfry's recipe for success". mint. Retrieved 28 February 2021.
  4. Chaudhary, Deepti (24 August 2018). "Pepperfry: Carving out a niche". Fortune India.
  5. "Pepperfry targets gross merchandise value of $1 billion by 2021". Moneycontrol. 3 April 2019.
  6. Kaur, Jaspreet (21 May 2022). "Ahead Of IPO, Pepperfry Converts Itself Into A Public Company". Inc42 Media.
  7. "Pepperfry rejigs structure for IPO". The Times of India. 29 July 2022. ISSN 0971-8257.
  8. Menon, Bindu D. (24 November 2017). "Pepperfry sees sizzle in online furniture retail". Business Line.
  9. Chakraborty, Sayan (24 February 2017). "Pepperfry to expand offline presence as online sales slow". Mint.
  10. Gooptu, Biswarup; Shrivastava, Aditi. "Vertical ecom majors like Pepperfry, Nykaa feel the squeeze post Covid-19 outbreak". The Economic Times. Retrieved 28 February 2021.
  11. Dash, Sanchita (19 June 2019). "EXCLUSIVE: An online furniture retailer in India saw its sales double after it opened physical 'experience' stores". Business Insider.
  12. Mathur, Nandita (28 August 2020). "Furniture e-tail to see fewer players". mint. Retrieved 28 February 2021.
  13. Modgil, Shweta (1 December 2017). "Pepperfry Decided To Build India's Largest Furniture Warehouse And Here's Why". Inc42 Media.
  14. Majumdar, Romita. "Will Pepperfry become another Amazon?". Rediff. Retrieved 9 October 2023.
  15. "Pepperfry launches 'Pepperfry Bespoke', to take on Livspace, T-Hub's Hechpe, others". www.thenewsminute.com. 14 December 2018.
  16. "Pepperfry launches built-to-suit home and furniture warehouse in Bangalore". The Economic Times. 30 September 2019.
  17. Baruah, Ayushman (21 September 2019). "Pepperfry eyes IPO in 15 months, opens warehouse in Bengaluru". Mint.
  18. Baruah, Ayushman (21 September 2019). "Pepperfry eyes IPO in 15 months, opens warehouse in Bengaluru". mint.
  19. "Pepperfry elevates cofounder Ashish Shah to CEO following demise of Ambareesh Murty". The Economic Times. 5 September 2023. ISSN 0013-0389.
  20. Sanjai, P.R. (1 April 2013). "Pepperfry.com raises $8 million from NVP". Mint.
  21. Shah, Sneha (14 January 2019). "Existing investors may pump another $100M in Pepperfry - ETtech". The Economic Times.
  22. Chakraborty, Sayan (27 July 2015). "Pepperfry gets $100 million investment from Goldman Sachs, others". Mint.
  23. Shah, Sneha; Kalesh, Baiju (14 January 2019). "Existing investors plan $100-m pep pill for Pepperfry". The Economic Times. ISSN 0013-0389.
  24. Chakraborty, Sayan (21 September 2016). "Pepperfry raises Rs210 crore in Series E funding". Mint.
  25. Shah, Sneha (10 February 2020). "Pidilite leads $40m round in Pepperfry". The Economic Times. ISSN 0013-0389. Retrieved 9 October 2023.
  26. www.ETBrandEquity.com. "With 'Swadeshi is Great' Pepperfry celebrates Indian craftsmanship - ET BrandEquity". ETBrandEquity.com.
  27. "How to Build India's Fastest Growing Lifestyle e-Retailer". Indian Retailer.
  28. "Pepperfry.com wins Red Herring Top 100 Asia Award For 2012". afaqs!. 13 September 2012.
  29. lubna. "Online Furniture Startup Pepperfry Raises $40M in Series F Round". StartupCity Magazine.
  30. Singal, Aastha (8 May 2019). "10 Mumbai-based Startups That Made it Big". Entrepreneur.
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