Pepperfry Receives $16 Million From Bertelsmann.
TrendSutra Platform Services, which currently runs online home products marketplace venture Pepperfry.com, has managed to raise Rs 95 crore (US$16 million) during a newly round of financial funding led by Bertelsmann India Investments (BII), the strategic investment arm of international media company Bertelsmann in India. Pepperfry’s current investor, Norwest Venture Partners (NVP) also participated during this funding round.
Pepperfry has raised Rs 67 crore from NVP during its previous rounds of funding, totaling its funding as of date up to Rs 162 crore.
Initially launched during January 2012, the site came with categories such as home, lifestyle, fashion and much more. Pepperfry.com specializes in furniture and home products on its managed marketplace platform. It had taken down the fashion and accessories category quite a while ago.
Pankaj Makkar, managing director of BII, who will also join the board of Pepperfry.com, stated, “We are impressed with the strong business foundations on which Pepperfry.com has been built and the leadership position it has attained, especially in the furniture segment. Our thesis is that vertically focused companies like Pepperfry which have built specialised capabilities and a differentiated market offering will serve consumers’ needs for selection and overall experience better.”
BII is the strategic investment arm of Bertelsmann SE & Co, KGaA in India, it main focuses are investment done for digital, education, media and services sectors. It focuses on early- and growth-stage investment.
During the previous year it had invested into Chennai-based India Property Online, which runs an online platform listing of residential properties for purchasing & selling and run through IndiaProperty.com. Before it had invested into Authorgen Technologies and its online education services Wiziq.com during the past year.
Bertelsmann is an international media company whose core division extends into television, book publishing, magazine publishing, services, and printing in over 50 countries. during 2013, the company’s business, with more than 110,000 employees, generating a revenue of up to €16.4 billion.
Ambareesh Murty, founder & CEO of Pepperfry.com, commented, “Our vision is to be India’s one-stop shop for furniture and home products and we have focused on leveraging our in-depth category expertise to establish the merchandising and supply chain infrastructure required to fulfil this vision.”
Commenting on the investment, Niren Shah, managing director, NVP India, said, “Pepperfry.com has a strong team with extensive e-commerce and marketplace expertise combined with great execution abilities. In the last two years, the team has revolutionised customers’ access to affordable high quality furniture and home products by connecting buyers in metro and tier II cities to small businesses and manufacturers located in India’s remote furniture hubs.”