Business, Investments

Pepperfry raises $15M in Series C

 

Online lifestyle marketplace Pepperfry.com has  raised USD 15 million in Series C round from Bertelsmann India Investments (BII). The existing investor Norwest Venture Partners (NVP) also participated in the round.

The company plans to invest in offline marketing, expand selection in current and adjacent categories, ramp up talent in merchandizing and operations, increase logistics and last mile delivery coverage to Tier II cities and introduce more features on the Pepperfry platform. According to an Economic Times report, the company also aims to reach sales of INR 500 crore in next 12-15 months.

Mumbai based, Pepperfry.com has started operations in 2011and is founded by CEO Ambareesh Murty. It is an online furniture, home and living destination shopping store selling products with cash on delivery facilities.

Till date, including this round, the company has secured a total funding of USD 28 million. Earlier, It has raised USD 8 million in Series B round. In 2011, The firm has also received USD 5 million in Series A round by Norwest Venture Partners.

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The company offers more than 50,000 items for sale across various categories like Furnishings, Kitchen & Dining, Furniture, Home Décor, Housekeeping, Leisure, Fitness and Pet Supplies. It provides products to customers in around 12 countries like Russia, Greece, France ,USA etc.

“We have tripled our business over the last one year. We are well positioned to become a household name in the country and partnering with a global powerhouse like Bertelsmann along with the continued support of NVP will ensure Pepperfry becomes India’s most preferred Furniture and Home products destination,” said Ambareesh.

To contact the author, email at sujata@iamwire.com

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