Omnichannel furniture brand Pepperfry is raising Rs 43.3 crore (approximately $5.1 million) from existing investors including General Electric Pension Fund, Norwest Venture Partners, Goldman Sachs, Panthera Growth Partners and others.

This investment comes after a $23 million funding round completed in September 2023 with the same investors.
The board of Pepperfry has approved the issuance of 5,59,463 compulsory convertible preference shares, priced at Rs 775 each, to generate the specified funds, according to regulatory documents obtained from the Registrar of Companies (RoC).

General Electric will spearhead the investment with Rs 21.5 crore ($2.5 million), followed by Norwest Venture Partners and Panthera Growth Partners, who will contribute Rs 8.52 crore and Rs 6.45 crore, respectively, to enhance their equity in the firm. Goldman Sachs, Erste WV Gutersloh GmbH, and Growth Equity Opportunity Fund Cayman Holdings Ltd will account for the remaining portion of the funding. According to the filings, the company intends to use the funds for growth, expansion, and general corporate purposes.

Following this allotment, Pepperfry will have a valuation of Rs 3,120 crore or $367 million.

Pepperfry functions on a marketplace model through both online and offline platforms. It offers a product catalog of over 10,000 items and links customers with prominent brands like Godrej, Springfit, and Spacewood.

The firm claims to operate more than 200 studios in over 100 cities. According to TheKredible, a startup data intelligence platform, the Mumbai-based entity has raised over $270 million to date from investors such as Norwest Venture Partners, General Electric, Broad Street Investment, Pidilite, and others.

For the fiscal year ending March 2024, Pepperfry’s operating revenue fell by 30 percent to Rs 189 crore, while its losses decreased by more than 37 percent to Rs 117.5 crore during the same timeframe.

Also Read: 5 Budget-Friendly Water Purifiers for this Monsoon

Pepperfry faces competition from other well-funded furniture companies, including Urban Ladder, which has received over $100 million in funding after being acquired by Reliance, and Wooden Street, which raised $77 million.