Pepperfry has raised ₹250 crore ($38.5 million) in a fresh funding round from US-based State Street Global Advisors (SSgA). As a part of this deal, Anandh Hari, Managing Director of Private Equity at State Street Global Advisors will join Pepperfry’s Board of directors.
The development was first reported by Economics Times.
The company will use the fresh capital to expand its offline presence in tier 2 cities. The company will also invest money in AR (Augmented Reality) and VR (Virtual Reality) technology for virtual touch and feel, and enhance the Private Brand franchise in preparation for its next financial milestone of an IPO.
Ambareesh Murty, Chief Executive Officer at 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.”
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.”
Pepperfry was founded in 2012 by Ambareesh Murthy and Ashish Shah. With this, Pepperfry has raised over ₹ 1200 crore since its inception.