“Pepperfry Raises $23 Million, Appoints Ashish Shah as CEO Amid Leadership Transition”
E-commerce furniture and home goods marketplace Pepperfry has raised $23 million in funding from existing backers and announced the appointment of Ashish Shah as its new CEO, following the recent passing of co-founder and former CEO Ambareesh Murty.
Mumbai-based e-commerce furniture and home goods marketplace, Pepperfry, has successfully secured $23 million in funding from a mix of existing investors, institutional investors, and family offices over the past three months. While specific investor names were not disclosed, this infusion of capital will bolster Pepperfry’s ability to cater to its growing customer base, which now surpasses 10 million users. The company plans to achieve this through the expansion of its omnichannel presence, enhancing its robust supply chain, and continued tech-driven innovation.
In a significant leadership development, Pepperfry has promoted its co-founder, Ashish Shah, to the position of CEO. Shah, who previously held the role of Chief Operating Officer, has assumed this pivotal role in the company just weeks after the untimely demise of co-founder and former CEO, Ambareesh Murty. His elevation to the CEO position reflects the company’s commitment to preserving and building upon the foundation laid by its founders.
Pepperfry has been a prominent player in the Indian e-commerce landscape, offering a wide range of furniture and home products. To date, the company has raised over $230 million in funding from notable investors such as Norwest Venture Partners, Goldman Sachs, Bertelsmann India Investments, General Electric Pension Trust, and Pidilite Ventures, among others, according to data from Tracxn, a private markets data provider.
Despite its fundraising success, Pepperfry has decided to postpone its plans for an initial public offering (IPO). The company had previously intended to file its draft red herring prospectus (DRHP) in the October-December quarter of the previous year, with a valuation target of approximately $500 million, akin to its valuation in the previous funding round.
Pepperfry’s financial performance for the fiscal year 2022 indicates revenues of Rs 264 crore, accompanied by a loss of approximately Rs 194 crore. While the top-line revenue exhibited a 19% increase from the previous fiscal year’s Rs 221 crore, the company’s losses widened by 83%, growing from Rs 106 crore in fiscal year 2021 to Rs 194 crore in fiscal year 2022.
As Pepperfry navigates its growth trajectory and strategic leadership changes, it remains a prominent player in India’s competitive e-commerce landscape, catering to consumers’ diverse furniture and home product needs.
Sources By Agencies
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