Pepperfry raises Rs 250 cr from State Street Global Advisors
Online furniture marketplace, Pepperfry raises Rs 250 crore in a fresh round of funding from State Street Global Advisors, the asset management business of State Street Corporation. Including this current round, Pepperfry has raised over Rs 1,200 crore of capital since it began operations 6 years ago.
In its capacity as an advisor and manager of private equity, State Street Global Advisors joins marquee names such as Norwest Venture Partners, Bertelsmann India Investments, Zodius Capital and Goldman Sachs who have previously invested in Pepperfry.
Ambareesh Murty, Founder & CEO of Pepperfry said, “We have been fortunate to have partners who believe in our business, are aligned with our strategy and value our execution capabilities. I welcome a marquee investor like State Street Global Advisors to Pepperfry and look forward to their partnership in this new phase of our journey.”
The fresh funds will be deployed to expand Pepperfry’s Experience Centers in Tier II Towns, invest behind developing AR/VR technology for virtual touch and feel, and enhance the Private Brand franchise in preparation for its next financial milestone of an IPO.
Anandh Hari, Managing Director Private Equity, State Street Global Advisors said, “We are excited to enter the Indian e-Commerce market through our investment in Pepperfry. India’s large Furniture and Décor market is ripe for disruption and we believe that Pepperfry’s unique strategy, proven execution capabilities, and passionate team are the perfect ingredients for success.”
Home Furniture and Décor is amongst the largest consumption categories in India, expected to reach Rs 350,000 crore in market size by 2020. Pepperfry’s revenue has grown at a CAGR of over 83% in the last 5 years and with this fresh round of investment, it has enough dry-powder available to accelerate past the break-even point and become a profitable business over the next 12-18 months.
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