Online furniture marketplace Pepperfry has raised Rs 210 crore from existing investors Goldman Sachs, Norwest Venture Partners Bertelsmann India Investments and Zodius Technology Fund. This was first reported by the Economic Times while a spokesperson for the company confirmed the development to MediaNama. We will update once we hear further from them.
Pepperfry had previously raised $100 million in June 2015 from the same set of investors. The Economic Times report added that the company’s valuation in this round was a significant uptick from the previous round of funding but did not disclose exact details. In May 2014, Pepperfry raised $15 million in a round of funding led by Bertelsmann India Investments. 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.
The report added that Pepperfry is looking to ramp up its offline studios and expand to 1,000 cities over the next two years.
PepperFry was founded by Ashish Shah and Ambareesh Murty in July 2011. In 2015, 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.
Tech and product additions
In recent times, Pepperfry has been increasing its technology offerings. In July, it introduced virtual reality tours of its studios in Mumbai. Customers could explore its studios virtual reality and 3D on their laptop, mobile, and tablets.
In May, it introduced furniture restoration services. The service was first being rolled out in Mumbai, Delhi NCR and Bangalore. The service covers repairs, conservation and finish restoration. Pickups and deliveries back to customers will be managed by Pepperfry through its own logistics network.
Other players in the interior design space
– In August, Urban Ladder raised $3 million through debt financing.
-In February, Delhi-based DesignBids raised an undisclosed funding from Indian Angel Network.
-In the same month, Houssup had raised undisclosed amount of in seed funding.
-In September 2015, online furniture retailer FabFurnish moved from being a furniture marketplace to a platform for discovery and sale of curated products.
-In the same month, Sundeep Malhotra, who stepped down as CEO of Homeshop 18,launched an interior design and home design platform called Renomania.
-In August 2015, interior design and home decor company Foyr raised $1 million from Astarc Ventures. In the same month, it introduced a platform that lets users customize and buy furniture and home decor on both, desktop and its mobile app.