Furniture and home decor e-commerce startup Pepperfry has raised an additional $23 million in funding from existing shareholders, including institutional investors and family offices, over the last three months, the company informed in a press statement.
“The latest round of capital infusion will strengthen Pepperfry’s ability to cater to the evolving needs of its 10 million+ and increasing customer base through a strong omni channel presence, a robust supply chain and tech driven innovation,” the statement said.
The company had last raised $10 million in November 2021, at a valuation of $430 million. Its backers include Norwest Venture Partners, Goldman Sachs, Bertelsmann India Investments, General Electric Pension Trust and Pidilite Ventures, among others, according to data from Traxcn.
Pepperfry also hinted that it is on a sustained path to profitability, which now seems within close reach. It had earlier expressed an interest in going public, but backtracked due to unfavourable market conditions.
The company has also elevated co-founder and erstwhile chief operating officer (COO) Ashish Shah as the new chief executive, after the untimely demise of co-founder and former CEO Ambareesh Murty last month during a biking trip to Leh.
Shah headed category management, product and omnichannel business for the company, playing a crucial role in handling the customer strategy, supply chain and operations, the statement said.
Published 06 September 2023, 04:18 IST