Home decor site Pepperfry has raised $8 million in funding from existing investor Norwest Venture Partners (NVP). The company states that the funds raised will be used to widen its merchant reach, expand fulfillment operations and invest in brand. The company had previously raised $5 million from Norwest Venture Partners even before the site was launched. The current investment brings the total amount of funding raised by Pepperfry to $13 million. Pepperfry was founded by former-eBay India Country Manager, Ambareesh Murty and one of his former colleagues at eBay, Ashish Shah. In February 2013, Nextbigwhat had reported that NVP was looking to merge Fashionandyou.com and Pepperfry and bring Ambareesh Murthy to lead the firm. However, with the current investment that's highly unlikely. While Pepperfry was launched as a multi-product ecommerce site, it pivoted to a managed marketplace model by late 2012. It claims that it works with nearly a thousand merchant partners to sell more than 30,000 unique products in Furniture, Home Décor, Furnishings, Kitchen & Dining, Housekeeping, Fitness, Leisure and Pet Supplies. Competition: Pepperfry competes with sites such as Fabfurnish, Zansaar, Urbanladder among others. Thetreeoflife, Homeshop18, Craftsvilla also offer home decor products. VC's Are Picking Their Bets It appears that VCs are being selective about which companies to back, some sites are being funded while others with common investors are being shut down or merged. In March 2013, Online fashion and beauty retailer Urban Touch, which was acquired by FashionAndYou.com last August for a reported $30 million, has shut shop. Online private labels Zovi and Inkfruit had also merged last month and the joint entity had raised $10…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...