Furniture Retailer Pepperfry Raises INR 35 Cr Debt Funding From InnoVen Capital The funds raised will be used to increase the company's footprint across India
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Venture debt and specialty lending firm InnoVen Capital said on Friday to have invested INR 35 crore in Mumbai-based online furniture marketplace Pepperfry.com. This is the third investment by InnoVen Capital in Pepperfry, which it had first funded in 2017.
The furniture and home products focused marketplace has been said to have seen significant growth in the past months with improved economics for the business.
"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," stated Sameer Mansukhani, senior director, InnoVen Capital India.
The Pepperfry-managed marketplace helps thousands of entrepreneurs and merchants sell to millions of discerning customers across India and the world, the statement said.
"We are pleased to deepen our partnership with InnoVen Capital. We remain focused on expanding Pepperfry's leadership position in Indian furniture and home e-commerce. 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 capitalize us even beyond achieving profitability," added Neelesh Talathi, chief financial officer, Pepperfry.
To date, InnoVen Capital India has completed over 250 transactions with more than 180 startups, including Byjus, Swiggy, Oyo Rooms, CureFit, Eruditus, Dailyhunt, FirstCry, Snapdeal, PharmEasy, boAt, Licious, Myntra, Blackbuck, Rebel Foods, Pepperfry, Infra.Market, Zetwerk, and many more.
