21 September 2016, India :
Online furniture and home marketplace Pepperfry.com has raised Rs. 210 crore funding. Investment came from current investors Goldman Sachs, Bertelsmann India Investments (BII), Norwest Venture Partners (NVP) and Zodius Technology Fund.
The fresh funds will be deployed to scale up Pepperfry’s logistics network from the present 500 to more than 1,000 cities and open more experience centres, called Pepperfry Studios, in smaller towns and cities.
Founded by former eBay executives, Ambareesh Murty and Ashish Shah, the Mumbai-based company had raised roughly Rs. 670 crores in July last year.
“In these next few months, Pepperfry Studio coverage will be extended into tier II and III towns. Also, the logistics network will expand to 1,000-plus cities,” it said.
Pepperfry CEO Murty said the company aims to cater to 20 million customers by 2020. “We are doing this through a differentiated, profitable business model and I thank our investors for believing in the team,” he added.
The company owns and operates the largest customer facing Big Box Supply Chain through 17 fulfilment hubs and a delivery fleet of over 400 vehicles, delighting customers across 500+ cities. It has With over 10,000 merchants. Source- Livemint
