Pepperfry to file draft IPO papers next quarter

Furniture seller Pepperfry will file the draft papers for an initial share sale next quarter and will look to list on markets next year, per reports.

This comes months after the company delayed its initial public offering (IPO) plans due to adverse market conditions. According to The Economic Times, Pepperfry aims to raise $250-300 million through the public share sale with JP Morgan and ICICI Bank leading the effort.

YourStory could not independently verify the report.

The Mumbai-based company also reported a 23% rise in revenue from operations to Rs 247 crore in the financial year ended March 2021 compared to the previous year, indicating a bounce back to pre-pandemic levels. Its losses widened by 83% in the same period owing to higher expenses in employee salaries and marketing. Marketing expenses increased 79% to Rs 129 crore in the same period.

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Pepperfry’s Gross Merchandise Value (GMV) grew 33% in the same period compared to the previous year, the company said in a statement. GMV is a metric that defines the value of total sales made over a period of time by an ecommerce or retail company.

The Goldman Sachs-backed company set up over 140 Pepperfry Studios in the year ended March and said that it widened its network in tier II and tier III markets. Pepperfry Studios now account for 36% of the firm's revenue.

"Pepperfry invested behind Marketing and Brand particularly in H2FY22 to rapidly accelerate growth as markets opened post second wave of Covid, to re-base the business and drive traction," the company wrote in a statement.