Bengaluru: Pepperfry.com, a Mumbai-based home decor e-Commerce platform, has raised $100 million in its Series D financing round. The round was closed by Goldman Sachs and Zodius Capital along with the existing investors named Bertelsmann India Investments (BII) and Norwest Venture Partners with Avendus Capital as the financial advisor. Previously, the company had raised $15 million in its Series C round of funding led by BII in 2014, while the latest fundraising endeavor has pushed the bootstrapped company to value at around $128 million. The new funding will be used by the company to expand its logistics footprint and Pepperfry Experience Centers, and beget new distribution centers. The amount will also be utilized for augmenting the mobile experience, hiring and broadening its carpenter and assembly services network.
India’s largest online marketplace dedicated to providing furniture and home goods, Pepperfry.com was founded by the duo of former eBay employees – Ambareesh Murty and Ashish Shah – in 2011. Run by Mumbai based TrendSutra Platform Services, the online furniture, home and living destination shopping store is highly acknowledged for its exclusive ambit that possesses more than 80000 items which span across the genre of furniture, home décor, kitchen & dining, lamps & lighting, home appliances, housekeeping and pet supplies. In addition, the company is also a platform for small and medium businesses who wish to sell their merchandize. It has served more than two million customers across 300+ cities till date. The latest advancement has added one more feather to the company’s success portfolio, as it is claimed to be the largest round of investment to be raised by a vertical focused Indian e-Commerce player.
Speaking about the new feat, Ambareesh Murty, Founder & CEO, Pepperfry says, “Our goal is to be the place where modern Indian families shop for their homes. While we are on this mission, we will benefit tremendously from the global insight of Goldman Sachs and the business savvy of Zodius as they join the Pepperfry board. Our existing investors, Norwest and Bertelsmann, have been great partners and I thank them for reiterating their faith in our team”.
Echoing the similar expressions, Ankur Sahu, Co-Head of Private Equity, Goldman Sachs - Asia proclaimed, “We have a strong conviction for the theme of domestic consumption growth in India. Goldman Sachs continues to back high-quality local entrepreneurs to build significant businesses that create and deliver value to the everyday lives of the country’s young, billion plus population. Through this most recent partnership in Pepperfry.com, we intend to leverage our global expertise in the sector to help create a large, differentiated leader in India’s rapidly growing e-Commerce industry”.