PepperFry, the online furniture marketplace, has raised $100 million in funding led by Goldman Sachs, with participation from Zodius Technology Fund and existing investors Bertelsmann India Investments and Norwest Venture Partners, reports WSJ. The company will use the funds to expand its logistics in over 300 towns, adding to its technology team and delivery fleet, new distribution and assembly centres and digital marketing. PepperFry was aided by Avendus Capital as its financial advisor for the funding.
In May last year, the company had raised $15 million from Bertelsmann India Investments, the Indian investment arm of the German media conglomerate Bertelsmann and Norwest Venture Partners. It had also raised $8 million from Norwest Venture Partners in April 2013, and a $5 million round from the same company in December 2011, which was incidentally before the site was launched.
In August last year, Pepperfry announced a partnership with Hindware Home Retail, which operates under the brand name Evok, and then had 19 retail outlets in major cities in India. Pepperfry would showcase the entire line of furniture from Evok.
PepperFry was founded by Ashish Shah and Ambareesh Murty in July 2011. It claims to have over 80,000 items in furniture, home decor and kitchen and dining among others. It also claims to have over 1,000 merchant partners, with delivery across 250 cities and towns. The WSJ report states that the company has a fleet of over 350 delivery vehicles.
– In April, Bangalore-based online furniture store Urban Ladder secured an undisclosed amount of funding from Cambrian Ventures founding partners Anand Rajaraman and Venky Harinarayan. In the same month, it raised $50 million in a series C round of funding led by Sequoia Capital with participation from TR Capital and existing investors Steadview Capital, Kalaari Capital and SAIF Partners.
– Bangalore-based online marketplace for fixed furniture HomeLane, raised $4.5 million in funding from Sequoia Capital with participation in individual capacity from Manipal Education and Medical Group’s Ranjan Pai and Manipal Global Education’s Mohandas Pai in February this year.
– Online home furnishing portal Bedbathmore.com had also received an undisclosed amount in Series A funding from Blume Ventures in May 2013 while Zansaar which had raised $6 million from Accel Partners and Tiger Global in Feb 2012.
– German startup incubator Rocket Internet, which operates FabFurnish in India, had closed a $500 million investment from existing investors in July 2013. Post investment, it was looking to launch e-commerce companies in the fashion, general merchandise and furniture sectors in countries like India, Europe, Africa and others.
– Besides this, e-commerce ventures like Amazon India, Snapdeal, HomeShop18, Jabong and Infibeam also offer furniture products.
Image Credit: Flickr user Helena