Furniture retailer Pepperfry secures Rs 43 Cr from existing investors
Pepperfry's latest round was led by General Electric Pension Trust, along with participation from other investors.
Omnichannel furniture player Pepperfry has raised Rs 43.3 crore (about $5.1) million in a round led by General Electric Pension Trust along with existing investors.
According to filings sourced from Registrar of Companies (RoC), General Electric Pension Trust put in the largest cheque with an investment of Rs 21.5 crore. Norwest Venture Partners and Panthera Growth Partners infused Rs 8.52 crore and Rs 6.45 crore, respectively.
Pepperfry’s board passed a resolution to approve the issue of 5,59,463 compulsory convertible preference shares at an issue price of Rs 775 each on a private placement basis.
"The purpose of issuance is to raise funds for the growth, expansion and general corporate activities of the Company," stated the regulatory filing.
The development was first reported by The Entrackr, which estimates Pepperfry to be valued at Rs 3,120 crore or $367 million (post-allotment).
Pepperfry, which competes with Reliance-backed Urban Ladder, Wakefit.co and WoodenStreet, among others, sells furniture and home furnishing from its offline stores and D2C storefronts. It majorly earns through commissions on its product sales.
The funding comes at a time where Pepperfry navigates sluggish growth to curb losses. The company posted 30.6% de-growth in its operating revenue in FY24 to Rs 188.98 crore in FY24. During the same period, it managed to rein in its losses to Rs 117.4 crore, about 37% lower than Rs 187.6 crore in the previous year.
The Mumbai-based company last raised $23 million from existing investors in September 2023. During the same time, it elevated co-founder Ashish Shah to the role of Chief Executive Officer (CEO)—one year later it promoted Madhusudan Bihani to Chief Financial Officer (CFO).
Edited by Jyoti Narayan