Yet to be launched peeperfry.com led by erstwhile eBay India’s country manager Ambreesh Murty has raised $ 5 million in series ‘A’ funding from Norwest Venture Partners India (NVP India). In an exclusive interaction with iamwire Ambreesh Murty Said that Niren Shah, MD, Norwest Venture Partners India, would join the board of pepperfry, however he declined to give any further detail on the same . According to company statement Pepperfry will offer a range of 25,000+ pocket happy lifestyle products across multiple categories such as Clothing, Furniture & Home Décor, Precious & Fashion Jewellery, Lifestyle Accessories and Personal Care.
Prior to this funding US based $ 3.7 billion PE firm, Norwest Venture Partners has been investing in ecommerce companies like Fashion and You, Deals and You, Quikr. Commenting on the investment, Niren Shah said, “Our decision to invest in Pepperfry was an easy one. Pepperfry has a strong team, extensive e-commerce and retail expertise and great execution abilities reflected in the imminent launch of www.pepperfry.com in less than five months since commencing operations. We are excited by the e-commerce opportunity in India and believe that Pepperfry is a great addition to our robust global internet portfolio. I wish the team the very best.”
Throwing more light on investment Murty said, “we are going to utilize the funds from January and would be focused on strengthening our back-end process and infrastructures such as logistics and warehouses. Apart from back-end infrastructures, funds will also be allocated for marketing purpose”.
Category Ecommerce Investments News