Pepperfry Raises US$8 Million from Norwest Venture Partners
Online Furniture, Home and Living destination, Pepperfry.com has raised an additional US$8 Million in funding from Norwest Venture Partners (NVP).
Pepperfry, through its managed marketplace approach, claims to have grown to offer more than 30,000 unique products from nearly a thousand merchant partners across India.
With this investment, Pepperfry has raised $13 million of total investment in two rounds, and both rounds were led by NVP. Pepperfry, which pivoted to a marketplace model in late 2012, would use capital to bring more merchants, offerings, and for setting up fulfilment centres in Kolkata, Bangalore and Chennai.
Pepperfry launched in 2012 by former country manager of eBay India Ambareesh Murty, had earlier raised $5mn from Norwest Venture Partners. The Mumbai based company initially started with inventory led model, however pivoted to a managed marketplace model within 8-10 months of its existence. Shopclues is the first ecommerce firm in India to evangelize managed marketplace model.
Recent funding in Indian Ecommerce Space
– Earlier, Valyoo Technologies, the e-commerce company which runs LensKart, BagsKart, WatchKart and JewelKart raised $10 million from UTV founder Ronnie Screwvala’s Unilazer Ventures Limited and IDG Ventures.
– Besides Valyoo, managed marketplace ShopClues had raised $10 mn from Helion Venture Partners, Nexus Ventures and Netprice.com Chief Executive Officer Teruhide Sato.
– Gurgaon based HealthKart, which sells consumer healthcare goods online raised $14 million in series B funding from Intel Capital and Sequoia Capital.
– LadyBlush raised funding from Rocket Internet.