Pepperfry raises Rs 35 crore debt from InnoVen Capital

Online furniture retailer Pepperfry said on February 12 that it has raised Rs 35 crore in debt from Temasek-owned InnoVen Capital, which provides loans to startups.

“We have seen Pepperfry grow and emerge as a category leader, while adding new capabilities and product offerings on its platform. They have built a strong brand and this investment reaffirms our commitment to back high performing portfolio companies across their life cycle,” said Sameer Mansukhani, Senior Director, InnoVen Capital India.

This is InnoVen's third investment in the Ambareesh Murthy-led firm since it first invested in 2017.

Pepperfry is also the largest independent online furniture marketplace, after Reliance Industries- India’s largest conglomerate, acquired rival Urban Ladder for Rs 200 crore. Its investors include Goldman Sachs, Norwest Venture Partners, Bertelsmann Investments India and Pidilite Group.

“We are pleased to deepen our partnership with InnoVen Capital. We remain focused on expanding Pepperfry’s leadership position in the Indian furniture and home eCommerce. Our business has seen strong momentum through Covid and we continue to make good progress towards achieving profitability and managing cash flows. These funds will be used to increase our footprint across the country and capitalise us even beyond achieving profitability,” said Neelesh Talathi, CFO, Pepperfry.