Pepperfry.com, India’s leading Furniture and Home products marketplace has raised USD 15 Million in a fresh round of funding led by Bertelsmann India Investments (BII), the strategic investment arm of the international media company Bertelsmann in India. Pepperfry’s current investors, Silicon Valley based Norwest Venture Partners (NVP) also participated in this round. Pepperfry had earlier raised USD 13 Million from NVP in previous rounds of funding.
Since commencing operations in January 2012, Pepperfry.com has become India’s leading furniture and home products destination online, with nearly a thousand merchants offering unmatched variety on its’ managed marketplace platform. Pepperfry.com has broken new ground in merchandising and innovated in supply chain and technology to ensure that customers across India get great value on India’s widest range of furniture and home products.
Ambareesh Murty, Founder & CEO of Pepperfry.com said, “Our vision is to be India’s one stop shop for Furniture and Home products and we have focused on leveraging our in-depth category expertise to establish the merchandising and supply chain infrastructure required to fulfill this vision. We are well positioned to become a household name in the country and partnering with a global powerhouse like Bertelsmann along with the continued support of NVP will ensure Pepperfry becomes India’s most preferred Furniture and Home products destination.”
Pankaj Makkar, Managing Director of Bertelsmann India Investments, who will also join the Board of Pepperfry.com said, “We are very impressed with the strong business foundations on which Pepperfry.com has been built and the leadership position it has attained, especially in the Furniture segment. Our thesis is that vertically focused companies like Pepperfry who have built specialized capabilities and a differentiated market offering will serve consumers’ needs for selection and overall experience better. We are excited to partner with Pepperfry.com on this journey.”
Commenting on the investment, Niren Shah, Managing Director, Norwest Venture Partners India (NVP India) said, “Pepperfry.com has a strong team with extensive e-commerce and marketplace expertise combined with great execution abilities. In the last 2 years, the team has revolutionized customers’ access to affordable high quality furniture and home products by connecting buyers in Metro and Tier 2 cities to small businesses and manufacturers located in India’s remote furniture hubs. Having worked closely with the team we are confident of their business direction and wish the team the very best.”