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India’s largest online furniture retailer Pepperfry.com is in talks with existing and new investors to raise $70-$80 million in Series D funding, which is expected to close in April-May.
The e-tailer, which opened business on January 3, 2012, with an open marketplace model, has 250,000 registered customers and grown 350 per cent year-on-year, clocking a gross merchandise value of ₹400 crore. Ashish Shah, founder and COO, is confident of closing this fiscal at ₹500 crore.
Pepperfry has so far raised $28 million in three rounds of funding (Series A, B & C) — the first two rounds of $5 million and $8 million from Norwest Venture Partners (NVP) and the third round of $15 million from NVP and Bertelsmann.
“We will close the Series D funding of $70- 80 million in two to three months and this fresh investment will see us through till December 2016 when we will break even, after which we will become profitable,” Shah told BusinessLine.
He, however, declined to reveal who the new investors are.
The funding will be used to set up 19 experience centres of 2,500-3,000 sq ft each, called Studio Pepperfry, across the country, with two in Bengaluru and one each in Gurgaon and Delhi opening shortly. The first Studio Pepperfry was inaugurated in Mumbai on December 15.
“The studios will display 50-60 pieces of furniture and will be manned by designers who can be consulted for free by customers who walk in,” said Shah.
The e-tailer is also looking to add 350 new employees and 800 delivery/logistics staff to end the year with a total of 750 employees and 1,200 delivery/logistics staff.
“Our largest customer base is in Bengaluru followed by Delhi and Greater Mumbai,” said Shah.
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