Pepperfry, one of the leading online furniture retailer companies in India, raised a whooping USD 100 million as their fourth round of investment from Goldman Sachs, Zodius Technology Fund, and their existing investors Bertelsmann India Investments and Norwest Venture Partners.
Pepperfry has already managed to raise USD 28 million from three rounds of investments and with this new funding they are planning to boost the company’s logistics, technology base, experience centers and marketing efforts.
Pepperfry founder and CEO Ambareesh Murty told the media that collaboration with leading brands like Goldman Sachs, an American multination investment banking company, and Zodius Technology, a Mumbai based business investment firm, will help Pepperfry expand their business and operations.
“We will utilise the fresh capital to expand our logistics footprint in tier III and Tier IV cities by taking our fleet of delivery vehicles from 350 to 1,000 in the next 12 months”, he said.
Pepperfry already has a customer base as strong as 2 million in 300 cities directly. With this new inclusion of funds they are aiming to strengthen its presence to 20 cities including Pune, Kochi, Gurgaon, Kolkata, Lucknow and Chandigarh.
“Goldman Sachs continues to back high-quality local entrepreneurs to build significant businesses that create and deliver value to the everyday lives of the country’s young, billion plus population,” Goldman Sachs Asia Co-Head Private Equity Ankur Sahu told Economic Times.
Online home and furniture sales are still in its nascent stage in India. But with the sector expected to touch USD 70 billion by 2020, both online and offline, e-commerce would have a large role to play.