Online retailer Pepperfry has raised $15 mn in a new round of funding from Bertelsmann India Investments (BII) and existing investor Norwest Venture Partners (NVP).
Pepperfry had earlier raised $13 mn from NVP in previous rounds of funding. Pepperfry was founded in January 2012 by former eBay India Executive Ambareesh Murty.
Pankaj Makkar, Managing Director of Bertelsmann India Investments, will join the company’s board. Makkar said
Our thesis is that vertically focused companies like Pepperfry who have built specialized capabilities and a differentiated market offering will serve consumers’ needs for selection and overall experience better.
Bertelsmann is an international media company which operates the RTL group, Penguin Random House, Gruner + Jahr, Arvato and Be Printers.
In November 2013, Pepperfry’s competitor Urban Ladder raised $5 million from SAIF Partners and Kalaari Capital in series A funding.
Some facts on Pepperfry
[Data shared by Pepperfy team]
- Sells more than 50,000 items in Furniture, Home Decor, Kitchen, Dining and other Home Product Categories.
- Over 1,000+ SMEs and artisans on the platform.
- Typical customer: 26+ urban professionals and homemakers.
- A piece of furniture is sold on Pepperfry every 5 minutes.