Pepperfry, the country's online furniture marketplace, said on Wednesday it had raised Rs 210 crore ($31.3 million) from existing investors including Goldman Sachs Group Inc in a new round of funding.
Other investors that participated in the funding were Bertelsmann India Investments, Norwest Venture Partners and Zodius Technology Fund.
The company said will use the funds to expand its logistics and services network.
“Our mission is to help 20 million customers’ create beautiful homes by 2020. We are doing this through a differentiated, profitable business model and I thank our investors for believing in the team and for being great partners on this journey," Moneycontrolreported quoting Ambareesh Murty, Founder and Chief Executive of Pepperfry.
Ankur Sahu, Co-Head of Private Equity at Goldman Sachs in Asia, said, “Over the past year and a half, Pepperfry has continued to successfully innovate, grow its business and deliver on the macro theme of domestic consumption growth in India. In partnership with the talented management team, our goal is to establish a differentiated and sustainable leader in India’s rapidly growing ecommerce industry to stand the test of time.”
The latest fund raising exercise, the fifth so far, sees the company raising a total of $160 million so far. This is double the total funds raised by its rival Urban Ladder, which has raised around $80 million from investors such as SAIF Partners, Kalaari and Sequoia Capital India, the Techportal.comreport said.
According to Pepperfry's Murty, India's online furniture marketsize is likely to double from the current $300 million to $650 million by December 2017, the Techportal report said.