Pepperfry

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Pepperfry Limited
Company typePublic
IndustryE-commerce, Furniture, Home Decor
FoundedJuly 2011; 14 years ago (2011-07)
Founder
  • Ambareesh Murty
  • Ashish Shah
HeadquartersMumbai, Maharashtra, India
Number of locations
43 company-owned studios, 142 franchise studios (2023)
Area served
India
Key people
  • Ashish Shah (COO)
  • Anand Batra (CFO)
  • Sanjay Baweja (Independent Director)
  • Malini Parmar (Independent Director)
ProductsFurniture, Home Decor, Mattresses, Lighting, Home Appliances
ServicesOnline Marketplace, Furniture Rental, Interior Design Consultation
Revenue₹209 crore (US$24 million) (FY 2024)
Number of employees
1,000–5,000 (2025)
Websitewww.pepperfry.ltd

Pepperfry is an Indian e-commerce platform specializing in furniture and home decor. Founded in 2011 by Ambareesh Murty and Ashish Shah, it operates as a managed marketplace, connecting small and medium-sized merchants and artisans with consumers. Headquartered in Mumbai, Pepperfry has established an omnichannel presence with over 185 studios across 100+ cities in India, blending online and offline retail. The company offers over 1.2 lakh products, including furniture, mattresses, lighting, and home appliances, with a focus on quality and customer satisfaction. Pepperfry has raised $310.6 million in funding and reported revenue of ₹209 crore in FY 2024. It competes with players like Urban Ladder, Wooden Street, and IKEA in India's growing furniture market.[1][2]

Founders & Leadership

  • Ambareesh Murty (Co-founder, former CEO): A graduate of the Indian Institute of Management Calcutta, Murty held leadership roles at eBay India, Philippines, and Malaysia as Country Manager, and worked at Cadbury, ICICI Prudential, and Britannia. He served as Vice Chairman of the Internet and Mobile Association of India (IAMAI) in 2009. Murty led Pepperfry’s strategic vision until his passing in August 2023.[3]
  • Ashish Shah (Co-founder, COO): Shah holds a degree in Chemical Engineering from the University of Pune and an Advanced Diploma in Materials Management from the Institute of Management Technology, Ghaziabad. He previously worked at eBay, Baazee.com, and Tradox Pigments & Chemicals. Shah oversees Pepperfry’s operations and supply chain management.[4]
  • Anand Batra (CFO): Joined Pepperfry in 2022, with prior experience at Z3Partners and IvyCap Ventures. Batra, a graduate of the London School of Economics, manages corporate strategy, fundraising, and financial operations.[5]
  • Sanjay Baweja (Independent Director): Appointed in 2023, Baweja brings experience from OnMobile and contributes to strategic oversight.[6]
  • Malini Parmar (Independent Director): Co-founder of Stonesoup.in, Parmar joined the board in 2023, focusing on governance and expansion strategies.[7]

Origin & Founding Story

Ambareesh Murty and Ashish Shah, the founders of Pepperfry

Pepperfry was founded in July 2011 by Ambareesh Murty and Ashish Shah, both former eBay executives, in Mumbai, India. Initially launched as a horizontal online marketplace for fashion and lifestyle products, the company pivoted in 2013 to focus exclusively on furniture and home decor, driven by higher profit margins in the category. The name "Pepperfry" combines "pepper" for an Indian touch and "fry" for a quirky appeal. Facing early challenges, including a website crash due to unexpectedly high demand on launch day, the founders secured $5 million in Series A funding from Norwest Venture Partners in 2011, fueling growth. Their prior experience at eBay helped establish a robust supply chain and omnichannel strategy, positioning Pepperfry as a market leader.[8][9]

Timeline

Year Milestone
2011 Pepperfry founded by Ambareesh Murty and Ashish Shah; raised $5 million in Series A funding from Norwest Venture Partners.[10]
2012 Launched as a horizontal online marketplace; pivoted to furniture and home decor.[11]
2013 Raised $8 million in Series B funding from Norwest Venture Partners.[12]
2014 Opened first offline store in Mumbai.[13]
2015 Raised $100 million in Series D funding; sponsored Rajasthan Royals in IPL.[14]
2016 Secured $69 million in Series E funding.[15]
2018 Partnered with Quikr for furniture exchange program; launched furniture rental service.[16]
2020 Entered home interior space through partnerships with Hettich, Bosch, and others; raised $40 million in Series F funding.[17]
2021 Raised $45 million in debt and equity funding.[18]
2022 Became a public company; announced IPO plans.[19]
2023 Expanded to 185 studios across 100+ cities; appointed Sanjay Baweja and Malini Parmar as independent directors.[20]
2025 Partnered with Zepto for home essentials delivery; launched CLOUDDIO mattress brand.[21]

Funding

Date Round Amount Investors
December 2011 Series A $5 million Norwest Venture Partners[22]
2013 Series B $8 million Norwest Venture Partners[23]
May 2015 Series C $15 million Bertelsmann India Investments, Norwest Venture Partners[24]
July 2015 Series D $100 million Goldman Sachs, Zodius Technology Fund, Norwest Venture Partners, Bertelsmann India Investments[25]
2016 Series E $69 million State Street Global Advisors, Goldman Sachs, Bertelsmann India Investments[26]
February 2020 Series F $40 million Pidilite Industries[27]
2021 Debt & Equity $45 million Norwest Venture, General Electric Pension Trust, 45 family businesses and trusts[28]
June 2025 Equity $5.1 million Undisclosed[29]

Business Model

Pepperfry operates a managed marketplace model, acting as an intermediary between small and medium-sized merchants, artisans, and consumers. The company earns revenue primarily through product sales, with 80–85% derived from solid wood furniture, achieving a gross margin of 45% and a contribution margin of 25%.[30] It employs an omnichannel strategy, allowing customers to browse and purchase online or through physical studios. Pepperfry’s target audience includes individuals aged 35–45 and younger adults in their mid-20s to early 30s. The company collaborates with merchants to ensure product quality, conducts photoshoots for online listings, and manages logistics through its PepCart network. Additional revenue streams include furniture rental services and interior design consultations.[31]

Products / Services

Pepperfry offers a diverse range of products and services:

  • Furniture: Beds, sofas, tables, chairs, cabinets, and recliners, with a focus on solid wood furniture.
  • Home Decor: Lighting, furnishings, carpets, wall art, and home textiles.
  • Mattresses: Includes proprietary brand CLOUDDIO, launched in 2025.[32]
  • Home Appliances: Kitchen and bathing equipment.
  • Furniture Rental: Launched in 2018, offering 6, 9, or 12-month rental options.[33]
  • Interior Design Consultation: Partnerships with brands like Hettich and Bosch for modular home solutions.[34]

The platform lists over 1.2 lakh products, emphasizing quality and customization.[35]

Growth & Metrics

As of 2025, Pepperfry has over 7.5 million registered users and serves 500+ cities in India. The company reported revenue of ₹209 crore in FY 2024, a decline of 31% from FY 2023, attributed to market challenges.[36] It employs 1,000–5,000 staff and operates 43 company-owned and 142 franchise studios across 100+ cities.[37] Approximately 58% of transactions come from repeat customers, and 40% of new customers are from non-metro cities.[38][39] Pepperfry’s valuation was $375 million as of July 2023.[40]

Legal Entity Information

Field Details
Legal Name Pepperfry Limited
Foundation Date July 2011
Registrar of Companies (ROC) ROC Mumbai
Corporate Identification Number (CIN) U74999MH2011PLC219819
Registered Address 3rd Floor, A Wing, Laxmi Tower, Bandra Kurla Complex, Mumbai, Maharashtra 400051, India
Email ID contact@pepperfry.com
Company Status Active
Directors Ashish Shah, Sanjay Baweja, Malini Parmar
Authorized Share Capital ₹10 crore
Paid-up Capital ₹1.19 crore

[41]

Media & Public Recognition

Pepperfry has received significant media coverage and awards:

  • Awards: Best Distribution Centre Management at the 3rd Annual Warehouse and Leadership Awards by Krypton (2023).[42]
  • Media Coverage: Featured in LiveMint for its market leadership (2017), YourStory for its founding story (2019), and Inc42 for financial performance (2021).[43][44][45]
  • Partnerships: Collaborated with Quikr (2018) and Zepto (2025) for furniture exchange and delivery services.[46][47]

FAQs

What is Pepperfry’s business model?
Pepperfry operates a managed marketplace model, connecting merchants with consumers and earning revenue through product sales, furniture rentals, and interior design consultations.[48]
Who are the founders of Pepperfry?
Pepperfry was founded by Ambareesh Murty and Ashish Shah in 2011, both former eBay executives.[49]
What is Pepperfry’s valuation?
As of July 2023, Pepperfry was valued at $375 million.[50]
What are Pepperfry’s offline operations?
Pepperfry operates 43 company-owned and 142 franchise studios across 100+ cities, allowing customers to experience products physically.[51]

External Links

Related Startups

References

  1. ↑ "Pepperfry - 2025 Company Profile, Funding, Competitors & Financials". Tracxn. Retrieved 4 August 2025.
  2. ↑ "Pepperfry Rejigs Product And Studio Strategy With IPO In Sight". Inc42. 9 July 2021. Retrieved 4 August 2025.
  3. ↑ "The Success Story of Pepperfry". Analytics Steps. 12 November 2020. Retrieved 4 August 2025.
  4. ↑ "The Success Story of Pepperfry". Analytics Steps. 12 November 2020. Retrieved 4 August 2025.
  5. ↑ "About Pepperfry". Pepperfry.ltd. 9 February 2023. Retrieved 4 August 2025.
  6. ↑ "About Pepperfry". Pepperfry.ltd. 9 February 2023. Retrieved 4 August 2025.
  7. ↑ "About Pepperfry". Pepperfry.ltd. 9 February 2023. Retrieved 4 August 2025.
  8. ↑ "A broken wall, an empty bank account, and a crashed website: the extraordinary story of Pepperfry". YourStory. 21 January 2019. Retrieved 4 August 2025.
  9. ↑ "Pepperfry: Revolutionizing India's Furniture Retail". StartupTalky. 20 March 2025. Retrieved 4 August 2025.
  10. ↑ "Pepperfry - Crunchbase Company Profile & Funding". Crunchbase. Retrieved 4 August 2025.
  11. ↑ "A broken wall, an empty bank account, and a crashed website: the extraordinary story of Pepperfry". YourStory. 21 January 2019. Retrieved 4 August 2025.
  12. ↑ "Pepperfry – Profile overview funding, Valuation, Financial, News". TheKredible. 5 February 2025. Retrieved 4 August 2025.
  13. ↑ "About Pepperfry". Pepperfry.ltd. 9 February 2023. Retrieved 4 August 2025.
  14. ↑ "Pepperfry's recipe for success". LiveMint. 28 November 2017. Retrieved 4 August 2025.
  15. ↑ "Pepperfry - Crunchbase Company Profile & Funding". Crunchbase. Retrieved 4 August 2025.
  16. ↑ "Business Model of Pepperfry". StartupTalky. 11 August 2022. Retrieved 4 August 2025.
  17. ↑ "About Pepperfry". Pepperfry.ltd. 9 February 2023. Retrieved 4 August 2025.
  18. ↑ "Pepperfry – Profile overview funding, Valuation, Financial, News". TheKredible. 5 February 2025. Retrieved 4 August 2025.
  19. ↑ "About Pepperfry". Pepperfry.ltd. 9 February 2023. Retrieved 4 August 2025.
  20. ↑ "About Pepperfry". Pepperfry.ltd. 9 February 2023. Retrieved 4 August 2025.
  21. ↑ "Pepperfry's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News". Owler. Retrieved 4 August 2025.
  22. ↑ "Pepperfry - Crunchbase Company Profile & Funding". Crunchbase. Retrieved 4 August 2025.
  23. ↑ "Pepperfry – Profile overview funding, Valuation, Financial, News". TheKredible. 5 February 2025. Retrieved 4 August 2025.
  24. ↑ "Pepperfry Story & Business Study: Marketing, Funding, and Growth". TheDigitalYug. 3 May 2021. Retrieved 4 August 2025.
  25. ↑ "Pepperfry's recipe for success". LiveMint. 28 November 2017. Retrieved 4 August 2025.
  26. ↑ "Pepperfry - Crunchbase Company Profile & Funding". Crunchbase. Retrieved 4 August 2025.
  27. ↑ "The Success Story of Pepperfry". Analytics Steps. 12 November 2020. Retrieved 4 August 2025.
  28. ↑ "Pepperfry – Profile overview funding, Valuation, Financial, News". TheKredible. 5 February 2025. Retrieved 4 August 2025.
  29. ↑ "Pepperfry's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News". Owler. Retrieved 4 August 2025.
  30. ↑ "Business Model of Pepperfry". StartupTalky. 11 August 2022. Retrieved 4 August 2025.
  31. ↑ "Pepperfry Franchise model". Sonisvision. 30 April 2024. Retrieved 4 August 2025.
  32. ↑ "Pepperfry's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News". Owler. Retrieved 4 August 2025.
  33. ↑ "Business Model of Pepperfry". StartupTalky. 11 August 2022. Retrieved 4 August 2025.
  34. ↑ "About Pepperfry". Pepperfry.ltd. 9 February 2023. Retrieved 4 August 2025.
  35. ↑ "Pepperfry Franchise model". Sonisvision. 30 April 2024. Retrieved 4 August 2025.
  36. ↑ "Pepperfry - 2025 Company Profile, Funding, Competitors & Financials". Tracxn. 23 July 2025. Retrieved 4 August 2025.
  37. ↑ "About Pepperfry". Pepperfry.ltd. 9 February 2023. Retrieved 4 August 2025.
  38. ↑ "The Success Story of Pepperfry". Analytics Steps. 12 November 2020. Retrieved 4 August 2025.
  39. ↑ "40% of Pepperfry's new customers now come from non-metro cities: Shubbam Sharrma". Adgully. 26 February 2025. Retrieved 4 August 2025.
  40. ↑ "Pepperfry - 2025 Company Profile, Funding, Competitors & Financials". Tracxn. 23 July 2025. Retrieved 4 August 2025.
  41. ↑ "Pepperfry – Profile overview funding, Valuation, Financial, News". TheKredible. 5 February 2025. Retrieved 4 August 2025.
  42. ↑ "Pepperfry". LinkedIn. 5 October 2023. Retrieved 4 August 2025.
  43. ↑ "Pepperfry's recipe for success". LiveMint. 28 November 2017. Retrieved 4 August 2025.
  44. ↑ "A broken wall, an empty bank account, and a crashed website: the extraordinary story of Pepperfry". YourStory. 21 January 2019. Retrieved 4 August 2025.
  45. ↑ "[What The Financials] Pepperfry FY20 Revenue Grows 26%". Inc42. 5 February 2021. Retrieved 4 August 2025.
  46. ↑ "Business Model of Pepperfry". StartupTalky. 11 August 2022. Retrieved 4 August 2025.
  47. ↑ "Pepperfry's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News". Owler. Retrieved 4 August 2025.
  48. ↑ "Business Model of Pepperfry". StartupTalky. 11 August 2022. Retrieved 4 August 2025.
  49. ↑ "A broken wall, an empty bank account, and a crashed website: the extraordinary story of Pepperfry". YourStory. 21 January 2019. Retrieved 4 August 2025.
  50. ↑ "Pepperfry - 2025 Company Profile, Funding, Competitors & Financials". Tracxn. 23 July 2025. Retrieved 4 August 2025.
  51. ↑ "About Pepperfry". Pepperfry.ltd. 9 February 2023. Retrieved 4 August 2025.
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