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]
 | |
| Company type | Public |
|---|---|
| Industry |
|
| Founded | July 2011 |
| Headquarters | , |
Area served | India |
Key people |
|
| Products | Furniture, home décor |
| Revenue | |
 Rs 247.0 Cr (2022)[2] Rs 201 Cr (2021) | |
| Website | www |
In May 2022, the company became a public company and announced plans to list on stock exchanges.[6][7]
History
editPepperfry 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
editPepperfry 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
editPepperfry launched the Swadeshi Is Great campaign in 2023 to celebrate and support local artisans and their products.[26]
Awards and recognition
edit- 2014: Awarded the "Pure-Play e-Retailer of the Year" at the Indian e-Retail Congress.[29]
- 2019: Entrepreneur magazine recognized Pepperfry as one of the top 10 startups.[30]
References
edit- ^ a b "[What The Financials] Pepperfry FY20 Revenue Grows 26%; Lower Advertising Costs Help Trim Loss". Inc42 Media. 5 February 2021.
- ^ a b "Pepperfry's revenue touches Rs 250 Cr, losses widen 83%". entrackr. 23 September 2022.
- ^ a b Kotecha, Arushi (28 November 2017). "Pepperfry's recipe for success". mint. Retrieved 28 February 2021.
- ^ a b Chaudhary, Deepti (24 August 2018). "Pepperfry: Carving out a niche". Fortune India.
- ^ a b "Pepperfry targets gross merchandise value of $1 billion by 2021". Moneycontrol. 3 April 2019.
- ^ Kaur, Jaspreet (21 May 2022). "Ahead Of IPO, Pepperfry Converts Itself Into A Public Company". Inc42 Media.
- ^ a b c "Pepperfry rejigs structure for IPO". The Times of India. 29 July 2022. ISSN 0971-8257.
- ^ Menon, Bindu D. (24 November 2017). "Pepperfry sees sizzle in online furniture retail". Business Line.
- ^ Chakraborty, Sayan (24 February 2017). "Pepperfry to expand offline presence as online sales slow". Mint.
- ^ Gooptu, Biswarup; Shrivastava, Aditi. "Vertical ecom majors like Pepperfry, Nykaa feel the squeeze post Covid-19 outbreak". The Economic Times. Retrieved 28 February 2021.
- ^ Dash, Sanchita (19 June 2019). "EXCLUSIVE: An online furniture retailer in India saw its sales double after it opened physical 'experience' stores". Business Insider.
- ^ Mathur, Nandita (28 August 2020). "Furniture e-tail to see fewer players". mint. Retrieved 28 February 2021.
- ^ a b Modgil, Shweta (1 December 2017). "Pepperfry Decided To Build India's Largest Furniture Warehouse And Here's Why". Inc42 Media.
- ^ Majumdar, Romita. "Will Pepperfry become another Amazon?". Rediff. Retrieved 9 October 2023.
- ^ "Pepperfry launches 'Pepperfry Bespoke', to take on Livspace, T-Hub's Hechpe, others". www.thenewsminute.com. 14 December 2018.
- ^ "Pepperfry launches built-to-suit home and furniture warehouse in Bangalore". The Economic Times. 30 September 2019.
- ^ Baruah, Ayushman (21 September 2019). "Pepperfry eyes IPO in 15 months, opens warehouse in Bengaluru". Mint.
- ^ Baruah, Ayushman (21 September 2019). "Pepperfry eyes IPO in 15 months, opens warehouse in Bengaluru". mint.
- ^ "Pepperfry elevates cofounder Ashish Shah to CEO following demise of Ambareesh Murty". The Economic Times. 5 September 2023. ISSN 0013-0389.
- ^ Sanjai, P.R. (1 April 2013). "Pepperfry.com raises $8 million from NVP". Mint.
- ^ Shah, Sneha (14 January 2019). "Existing investors may pump another $100M in Pepperfry - ETtech". The Economic Times.
- ^ Chakraborty, Sayan (27 July 2015). "Pepperfry gets $100 million investment from Goldman Sachs, others". Mint.
- ^ Shah, Sneha; Kalesh, Baiju (14 January 2019). "Existing investors plan $100-m pep pill for Pepperfry". The Economic Times. ISSN 0013-0389.
- ^ Chakraborty, Sayan (21 September 2016). "Pepperfry raises Rs210 crore in Series E funding". Mint.
- ^ Shah, Sneha (10 February 2020). "Pidilite leads $40m round in Pepperfry". The Economic Times. ISSN 0013-0389. Retrieved 9 October 2023.
- ^ www.ETBrandEquity.com. "With 'Swadeshi is Great' Pepperfry celebrates Indian craftsmanship - ET BrandEquity". ETBrandEquity.com.
- ^ "How to Build India's Fastest Growing Lifestyle e-Retailer". Indian Retailer.
- ^ "Pepperfry.com wins Red Herring Top 100 Asia Award For 2012". afaqs!. 13 September 2012.
- ^ lubna. "Online Furniture Startup Pepperfry Raises $40M in Series F Round". StartupCity Magazine.
- ^ Singal, Aastha (8 May 2019). "10 Mumbai-based Startups That Made it Big". Entrepreneur.