The funds raised will be used to strengthen Pepperfry’s leadership position in the Furniture, Home and Living segment, garnering a larger share of the over $20 billion furniture, furnishings and home décor market in India. Pepperfry will look to widen its merchant reach, expand fulfillment operations and invest behind its brand presence across media.
“We are the largest Furniture and Home destination online and our mantra is to be the one stop shop for customers seeking to spice up their homes. In the next few months you’ll see us further strengthening market leadership by investing in unparalleled depth of selection and a consistently superior customer experience,” says Ambareesh Murty, Founder and CEO of Pepperfry.com.
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Commenting on the investment, Niren Shah, Managing Director, Norwest Venture Partners India (NVP India) said, “The Pepperfry team has built a highly differentiated, capital efficient business catering to the discerning home products customer and we are delighted to be partners on this exciting journey.” NVP had invested around $5 million in the online company in late 2011.
Since commencing operations in January 2012, Pepperfry, through its managed marketplace approach, has grown to offer more than 30,000 products from nearly a thousand merchant partners across India.