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Furniture e-tailer Pepperfry raises $100 mn from Goldman Sachs, Zodius Tech, others

Online furniture retailer Pepperfry recently raised $100 million from
Goldman Sachs, Zodius Technology Fund, and existing investors Bertelsmann India
Investments and Norwest Venture Partners.

Online furniture retailer Pepperfry recently raised $100 million from
Goldman Sachs, Zodius Technology Fund, and existing investors Bertelsmann India
Investments and Norwest Venture Partners.

The fresh round of funds will be used to strengthen the company’s
logistics, technology platform, experience centres and marketing efforts,
reports the Financial Express. Pepperfry has previously raised about $28
million in three rounds.

“We will benefit tremendously from the global insight of Goldman Sachs
and the business savvy of Zodius as they join the Pepperfry board. The
investment will help us expand our presence and invest in strengthening our
operations,” Ambareesh Murty, founder and CEO, Pepperfry was quoted in the
report as saying.

Pepperfry, which has more than 2 million customers, is a furniture and
home products marketplace reaching over 300 cities directly.

“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 told the Financial Express.

The online furniture company is also looking to set up more experience
centres, ramping up its presence to 20 cities, including Pune, Gurgaon, Kochi,
Kolkata, Lucknow and Chandigarh.

“We are also looking at quadrupling our technology and engineering team
with a focus on leveraging augmented reality on mobile to further enrich the
buying experience. We should have about 500 people by then,” Murty added in the
report.

“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,” Ankur Sahu, Co-Head Private
Equity, Goldman Sachs Asia.

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