Furniture and home decor marketplace Pepperfry.com has raised $15 million from Bertelsmann India Investments (BII), the Indian investment arm of the German media conglomerate Bertelsmann and existing investor Norwest Venture Partners (NVP).
With this investment, the company has raised a total $28 million investment until now. This includes a $8 million round from NVP in April last year and a $5 million round from NVP in December 2011, which was incidentally before the site was launched.
Launched in January 2012 by former eBay India Country Manager Ambareesh Murty and former eBay Motors India & Philippines head Ashish Shah, Pepperfry offers products across various categories like furniture, home decor, furnishings, kitchen & dining, bath & body, laundry & housekeeping and pet supplies among others.
It started off as a regular e-commerce site and later pivoted to a managed marketplace model by late 2012. The company claims to have tie-ups with more than 1,000 SMEs and artisans to offer more than 50,000 products on the site.
Other players in this segment include Urban Ladder which had raised $5 million from SAIF Partners & Kalaari Capital in November last year, Zansaar which had raised $6 million from Accel Partners & Tiger Global in February 2012 and Rocket Internet-backed Fabfurnish. E-commerce sites like Amazon India, HomeShop18, Flipkart and Snapdeal also offer home decor and furnishing products.
Bertelsmann in India
Last December, Bertelsmann India Investments along with Canaan Partners and Mayfield Fund had invested $12 million into the online real estate portal IndiaProperty. Bertelsmann had also invested Rs 22 crore in education company WizIQ in January last year, and acquired NetworkPlay from Capital18 in March 2012.