Pepperfry has raised Rs 35 crore from InnoVen Capital, the third investment by the venture debt and specialty firm in the online furniture marketplace.
“We are pleased to deepen our partnership with InnoVen Capital. We remain focused on expanding Pepperfry’s leadership position in the Indian furniture and home e-commerce. Our business has seen strong momentum through Covid-19 and we continue to make good progress towards achieving profitability and managing cash flows. These funds will be used to increase our footprint across the country and capitalise us even beyond achieving profitability,” Neelesh Talathi, Chief Financial Officer said.
Sameer Mansukhani, Senior Director, InnoVen Capital India, said, “We have seen Pepperfry grow and emerge as a category leader, while adding new capabilities and product offerings on its platform. They have built a strong brand and this investment reaffirms our commitment to back high performing portfolio companies across their life cycle."
Pepperfry posted a 26 percent increase in revenue and cut losses by 33 percent in financial year 2019-20, regulatory filings sourced by business intelligence platform Tofler showed.
In December last year, Pepperfry’s rival Urban Ladder sold 94 percent stake to Reliance Retail for Rs 182 crore.