Online furniture retailer Pepperfry raises US$15M funding
Pepperfry has raised funding from Bertelsmann India Investments and Norwest Venture Partners; will utilise it for promoting brand awarenessBy Twishy Shahi 28 May, 2014
Online furniture and home products marketplace, Pepperfry.com, has raised US$15 million from the Indian investment arm of the global publishing and media company Bertelsmann India Investments and existing investor Norwest Venture Partners. The company will utilise the fund for promoting brand awareness.
On the development, Pankaj Makkar, Managing Director of Bertelsmann India Investments, said, “Pepperfry has very quickly developed into one of India’s leading online marketplaces, especially in the furniture segment. In cooperation with Bertelsmann’s global network, we are excited to partner with its founders in further developing the company.”
Opened for business in January 2012, the internet portal specialises in the sale of furniture and home accessories and has more than 1,000 suppliers offering more than 45,000 products. Pepperfry competes with online marketplace firms such as FabFurnish and Urban Ladder.
Ambareesh Murty, Founder and CEO of Pepperfry, said, “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 Norwest Venture Partners will ensure Pepperfry becomes India’s most preferred furniture and home products destination.”
Bertelsmann is expanding its digital business in India and Pepperfry is Bertelsmann’s third direct investment in India. In 2013, the company bought a stake in real-estate portals, Indiaproperty.com, as well as in Authorgen Technologies and its online education platform, Wiziq.com.