Pepperfry, a prominent player in the Indian furniture retail sector, reported a 10% increase in revenue from operations, reaching Rs 272.3 crore in the fiscal year ending March 2023. The company’s strategic focus on expanding its omnichannel presence appears to be yielding positive results. Despite facing a setback with the unfortunate passing of Co-founder and CEO Ambareesh Murty in August due to a cardiac arrest, the Mumbai-based firm swiftly appointed Chief Operations Officer Ashish Shah as the new CEO.
The financials for FY23 revealed a narrowing loss for Pepperfry, reducing from Rs 194 crore in the previous year to Rs 187.6 crore. However, total expenses saw a marginal uptick, reaching Rs 474 crore. In the aftermath of Ambareesh Murty’s demise, Pepperfry garnered $23 million in funding from existing investors, institutional investors, and family offices, reinforcing its financial position.
Ashish Shah, the newly appointed CEO, was acknowledged for his pivotal role in shaping Pepperfry’s customer-centric strategy, supply-side strengths, and operational excellence. The company, which began in 2012 as a horizontal online marketplace focused on fashion and lifestyle, has evolved into one of India’s largest tech-driven furniture retail firms. Boasting 190 retail studios across over 100 cities, Pepperfry claims a customer base exceeding 10 million with retail connections extending to more than 500 cities.
Having raised over $230 million in funding from notable investors, Pepperfry is eyeing profitability, with plans to get listed in the public markets and raise $250-300 million. The decision to postpone its initial public offering (IPO) was attributed to challenging macroeconomic conditions. Pepperfry faces competition from omnichannel players like Furlenco, Wooden Street, and HomeLane, as well as major online marketplaces such as Amazon and Flipkart, owned by Walmart.
The late Ambareesh Murty’s contribution to Pepperfry’s growth has been significant, and the company, under the leadership of Ashish Shah, aims to build on this foundation. Shah emphasized, “The best tribute to Ambareesh will be to build on the foundation laid by us and fortify Pepperfry’s position as India’s leading furniture and home products company.”
