IPO Bound Online Furniture Marketplace pepperfry raises $40 million in debt
- ByTejika Bajaj | November 24, 2021
The IPO bound online furniture marketplace pepperfry has picked up around $40 million in a new round of debt funding led by Norwest Ventures, General Electric Pension Trust as well as 45 other family businesses and trusts.
Hema Ravichandran (Strategi HR Consultant) and V Ravichandran along with Chhaya Assets Private Limited, Burjorjee Family Trust, are amongst a few who have invested close to INR 7.5 crore in the startup.
The new round of funding comes just after the online furniture platform modified its business model as it looked profitable and IPO ready a few months ago. The new business model allows younger, design-focused entrepreneurs to join its omnichannel model. Pepperfry is focusing on expanding into the modular furniture and mattress market.
Founded in January 2012 by Ambareesh Murty and Ashish Shah, pepperfry is an online marketplace which allows its customers to choose from a wide variety of furniture at affordable rates and gets the same delivered to the customers. The company claims to have 60 million registered users along with a whopping 12 million visits per month. The Mumbai-based startup offers more than 1.5 lakh products and is operational in 500 cities across the country.
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