Pepperfry has elevated its co-founder and chief operating officer Ashish Shah to the post of chief executive officer. The announcement follows the demise of the company’s long-time CEO Ambareesh Murthy last month.
During his role as COO, Shah headed the operations, category management, product and omnichannel business at the Mumbai-based company.
“…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,” Shah said in a statement.
Peppefry also announced that it has raised around $23 million from existing investors, including institutional investors and family offices over the past three months. The firm, however, did not disclose the names.
According to Pepperfry, the funds will help strengthen its ability to cater to the evolving needs of its more than 10 million customer base through a strong omnichannel presence and a robust supply chain.
The company’s investors include Pidilite Industries, Goldman Sachs, Norwest Venture Partners, Bertelsmann India, State Street Advisors, and InnoVen Capital, among others.
Pepperfry works on a marketplace model in both offline and online formats. With over 10,000 products, Pepperfry connects buyers with brands such as Godrej, Springfit and Spacewood. The company claims to currently have a retail footprint of more than 200 studios in over 100 cities.
While Pepperfry is yet to file its annual financial statement for FY23, its operating revenue grew around 23% to Rs 247 crore in FY22 from Rs 201 crore in FY21. The firm’s losses also jumped 83% to Rs 194 crore in FY22.
