• Pepperfry raised ₹43.3 crore in funding from existing investors, including GE Pension Trust, Norwest, and Panthera.
  • The company’s FY24 revenue dropped 30.6% to ₹188.9 crore, while net losses narrowed by 37.4% to ₹117.4 crore.

Mumbai-based omnichannel furniture marketplace Pepperfry has raised ₹43.3 crore (approximately $5.1 million) in a fresh funding round, according to regulatory filings accessed by Entrackr. The round was exclusively backed by existing investors, including General Electric Pension Trust, Norwest Venture Partners, Goldman Sachs, Panthera Growth Partners, and the Growth Equity Opportunity Fund.

The largest contribution came from General Electric Pension Trust, which invested ₹21.5 crore. Norwest Venture Partners followed with ₹8.5 crore, while Panthera Growth Partners pitched in ₹6.4 crore. The remaining amount was funded by other shareholders.

To facilitate the capital raise, Pepperfry’s board approved the issuance of roughly 5.6 lakh compulsorily convertible preference shares (CCPS) at an issue price of ₹775 per share.

This new round follows a ₹196.65 crore ($23 million) fundraise in September 2023 from the same set of backers. Prior to that, Pepperfry had also secured $45 million in debt funding in 2021 as it ramped up efforts for a potential IPO.

Founded in 2012, the company transitioned into a public entity in 2022 in preparation for an initial public offering, originally targeting a raise of $250–300 million. However, the listing was postponed last year following discussions with investment bankers, as co-founder Ashish Shah noted the company’s continued focus on growth and profitability.

Revenue Dips, But Losses Narrow

According to its FY24 financials, Pepperfry’s operating revenue fell by 30.6% year-on-year to ₹188.9 crore. However, its net losses narrowed by 37.4% to ₹117.4 crore, reflecting a move toward improved financial health.

The newly raised capital will be directed toward growth initiatives, geographic expansion, and general corporate purposes.

Pepperfry operates an online marketplace and over 200 experience studios across 100 cities, offering more than 10,000 furniture and home décor products. The company earns most of its revenue through commissions on third-party sales and has recently expanded its offerings by onboarding several direct-to-consumer home décor brands.

Edited by Harshajit Sarmah