Commenting on the investment, InnoVen Capital India Senior Director Sameer Mansukhani said the company has 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. 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.
When asked about the new funding, Pepperfry CFO Neelesh Talathi said the company is pleased to deepen its 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.