Pepperfry, a Mumbai-based online home furniture marketplace, has received Rs 35 crore from InnoVen Capital, marking this the third investment by the venture debt and specialty firm in the online furniture marketplace.
Pepperfry’s business witnessed strong growth momentum through the Covid-19 pandemic and the company is on track to achieve profitability, Chief Financial Officer Neelesh Talathi said. “The funds will be used to increase our footprint across the country and capitalise us even beyond achieving profitability.”
“The online furniture segment is still young and received its boost only recently as shoppers looked online to meet their home-office, hobby and gardening needs,” said Ankur Pahwa, leader e-commerce and consumer internet at EY. “For the near future, the mostly likely scenario is one to increase the pie as both startups and traditional retailers look to capitalise on the online shopping trend.”
In December last year, Pepperfry’s rival Urban Ladder sold 94% stake to Reliance Retail for Rs 182 crore.
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