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Mumbai-based furniture marketplace Pepperfry has raised Rs 250 crore from State Street Global Advisors.
The funds will be used to expand company's experience centres in Tier 2 cities, invest behind AR/VR technology for virtual touch and enhance its private brand franchise in preparation for its next financial milestone of an IPO.
Ambareesh Murty, Founder & CEO of Pepperfry, said: “We have been fortunate to have partners who believe in our business, are aligned with our strategy and value our execution capabilities. I welcome a marquee investor like State Street Global Advisors to Pepperfry and look forward to their partnership in this new phase of our journey.”
The company was founded in 2011 and claims to have raised over Rs 1200 crore of capital.
It also hopes to turn profitable next year with a GMV of Rs 2,000 crore, as it plans an aggressive expansion in its offerings as well as in physical footprint.
Anandh Hari, Managing Director Private Equity, State Street Global Advisors said, “We are excited to enter the Indian e-Commerce market through our investment in Pepperfry. India’s large Furniture and Décor market is ripe for disruption and we believe that Pepperfry’s unique strategy, proven execution capabilities and passionate team are the perfect ingredients for success.”
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