Pepperfry Raises 210 Cr from Goldman Sachs, Other Existing Investors

Mumbai-based online furniture and home marketplace Pepperfry has raised Rs 210 Cr in Series E funding from existing investors Goldman Sachs, Bertelsmann India Investments (BII), Norwest Venture Partners (NVP), and Zodius Technology Fund. Pepperfry had previously raised $100 million in June 2015 from the same set of investors. The company has now set a new target of tripling its Gross Merchandise Volume) to 3,000 Cr by March 2018.

The funds will be used to scale logistics & service network and to expand the Pepperfry Studios’ footprint from 10 Studios in six metros to 17 by December, at an investment of 10 Cr. “Our mission is to make 20 million customers create beautiful homes. We are doing this through a differentiated, profitable business model,” said Ambareesh Murty, founder and chief executive at Pepperfry, in a statement. In the Pepperfry faces tough competition from Urban Ladder, who has so far raised $77 Million in four rounds of funding so far. Swedish furniture giant IKEA, which is expected to enter India soon is likely to make the competition more fierce.