Online furniture marketplace Pepperfry has secured Rs 35 crore in fresh funding from InnoVen Capital, a leading venture debt and specialty lending firm, the company said on Friday.
This is the third investment by InnoVen Capital in Pepperfry since 2017.
"Our business has seen strong momentum through Covid and we continue to make good progress towards achieving profitability and managing cash flows," said Neelesh Talathi, CFO, Pepperfry.
"These funds will be used to increase our footprint across the country and capitalise us even beyond achieving profitability," he said in a statement.
The Pepperfry managed marketplace helps thousands of entrepreneurs and merchants sell to millions of discerning customers across India and the world.
"We have seen Pepperfry grow and emerge as a category leader, while adding new capabilities and product offerings on its platform," said
Sameer Mansukhani, Senior Director, InnoVen Capital India.
"They have built a strong brand and this investment reaffirms our commitment to back high performing portfolio companies across their life cycle," Mansukhani added.
According to earlier media reports, Pepperfry aims to launch 20 franchisee-owned and franchisee-operated (FOFO) experience Studios across Tier-2 and -3 cities this year.
Recovered from initial losses in the pandemic-hit year, the company has big plans for 2021.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.