Pepperfry raised $23 M funding from its current investors, names new CEO

Ila Dhond07/09/2023

178 1 minute read

The position of chief executive officer at Pepperfry has been given to Ashish Shah, a co-founder and COO. The announcement comes after the longtime CEO of the business, Ambareesh Murthy, passed away last month.

Shah oversaw operations, category management, product development, and omnichannel business at the Mumbai-based company while serving as COO.

“…The best tribute to Ambareesh will be to build on the foundation laid by us and fortify Pepperfry’s position as India’s leading furniture and home products company,” Shah said in a statement.

Peppefry also disclosed that over the last three months, it has raised about $23 million from its current investors, which also include family offices and institutional investors. However, the company withheld the names.

The funds, in accordance with Pepperfry, will help the company improve its capacity to meet the changing needs of its more than 10 million customers by establishing a strong omnichannel presence and a strong supply chain.

Pidilite Industries, Goldman Sachs, Norwest Venture Partners, Bertelsmann India, State Street Advisors, and InnoVen Capital are just a few of the investors in the business.

Pepperfry operates in both offline and online formats using a marketplace model. Pepperfry connects customers with brands like Godrej, Springfit, and Spacewood through its more than 10,000 products. According to the company, there are currently more than 200 studios spread across more than 100 cities.

The operating revenue of Pepperfry increased by about 23% to Rs 247 crore in FY22 from Rs 201 crore in FY21, despite the company having yet to submit its annual financial statement for FY23. In FY22, the company’s losses increased 83% to Rs 194 crore.