Ashish Shah is appointed CEO of Pepperfry after raising $23 million
The online furniture retailer Pepperfry has announced that it has received $23 million from family offices, institutional investors, and current supporters. These cash were gathered during the previous three months through the online marketplace for furniture and household items. The identities of these investors, however, have not been disclosed by the corporation. In addition, Pepperfry promoted co-founder Ashish Shah to CEO. This comes after Ambareesh Murty, the company’s co-founder and former CEO, passed away last month after suffering a heart attack.
“The latest round of capital infusion will strengthen Pepperfry’s ability to cater to the evolving needs of its 10 million+ and increasing customer base through a strong omnichannel presence, a robust supply-chain, and tech driven innovation,” the firm stated in a press statement.
Ambareesh Murty and Ashish Shah invented omnichannel retail in 2012 when they launched Pepperfry, India’s top online marketplace for furniture and household items.
In August 2022, Pepperfry purchased BrandMakerr in order to diversify into business initiatives. BrandMakerr has worked with more than 20 companies (including KFC, Subway, Taj Hotels, IBIS, Max, BIAL, Pantaloons, Raheja’s, and Amazon) in several locations and has more than six years of expertise in commercial interior solutions.
According to Tracxn, a private markets data provider, the Mumbai-based business is supported by prestigious institutions like Norwest Venture Partners, Goldman Sachs, Bertelsmann India Investments, General Electric Pension Trust, and Pidilite Ventures, among others.
The business noted that strengthening Pepperfry’s position as India’s top manufacturer of furniture and home goods would be the ideal way to honor Ambareesh (Murty).
The Direct-to-Consumer (DTC) furnishings marketplace Pepperfry Ltd. is raising $23 million at a time when it has postponed its intentions to go public. In order to submit its draft red herring prospectus (DRHP) last year, Pepperfry was estimating a value of about $500 million.
The firm reported 264 crore rupees in sales for FY22, but also suffered a loss of around 194 crore rupees.
