Online furniture marketplace Pepperfry secures Rs 210 crore from existing investors
The company, which recorded sales worth Rs 1,000 crore in March 2016, has so far raised approximately $160 million in five rounds of funding.
Online furniture marketplace Pepperfry has raised Rs 210 crore in a round of funding from current investors in the company including Goldman Sachs and Bertelsmann India Investments, Business Standard reported on Wednesday. The company, which recorded sales worth Rs 1,000 crore in March 2016, has so far raised around $160 million (approximately Rs 1072.3 crore) in five rounds of funding.
The company claimed the investment was the largest one “raised by a vertical-focussed, pure-play e-commerce company in India this year”. The company will use the newly-secured funding to increase its logistics and service network as well as expand its chain of experience centres, Pepperfry Studios, NDTV reported. Pepperfry Chief Executive Officer Ambareesh Murty said the company aims to provide services to 20 million customers by 2020, adding that they will “do this through a differentiated, profitable business model”.
Co-Head of Private Equity at Goldman Sachs Ankur Sahu said the company has “continued to successfully innovate, grow its business and deliver on the macro theme of domestic consumption in India”. The company owns 400 vehicles and claims to have delivered its products across more than 500 cities.