Pepperfry, the ecommerce platform for furniture, has received Rs 35 crore in debt from Temasek-owned InnoVen Capital, which provides loans to startups.
“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,” said Sameer Mansukhani, Senior Director, InnoVen Capital India.
InnoVen has invested in Pepperfry for the third time since it first invested in 2017.
After Urban Ladder which is now acquired by Reliance Industries for Rs 200 crore, Pepperfry is also the largest independent online furniture marketplace. The investors of Pepperfry include Goldman Sachs, Norwest Venture Partners, Bertelsmann Investments India and Pidilite Group.
“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 eCommerce. Our business has seen strong momentum through Covid 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,” said Neelesh Talathi, CFO, Pepperfry.
