New Delhi, Dec 11 (SocialNews.XYZ) Online furniture brand Pepperfry registered Rs 188 crore in losses in FY23, down just 3 per cent from Rs 194 crore losses in FY22.
Pepperfry has been witnessing slow growth in the last few fiscal years.
The company was expected to file for an IPO during 2021 but delayed its plans, according to a report in Entrackr.
The company logged Rs 272 crore in revenue from operations in FY23 from Rs 247 crore in FY22, according to its financial statements with the Registrar of Companies (RoC).
The advertising and promotion cost marked 22 per cent of the overall expenditure. Pepperfry also roped in Bollywood celebrities Saif Ali Khan and Kareena Kapoor Khan as their brand ambassadors during FY23.
The online furniture store in September elevated its co-founder Ashish Shah to the position of Chief Executive Officer (CEO), as its co-founder and CEO Ambareesh Murthy passed away at 51 due to cardiac arrest in August.
The company also secured $23 million in funding from existing shareholders, including institutional investors and family offices, underscoring their confidence in the company’s vision and strategic plans for the future.
As the COO of the company, Shah played a pivotal role in shaping Pepperfry's customer-centric strategy, supply side strengths, and operational excellence.
The latest round of capital infusion will strengthen Pepperfry’s ability to cater to the evolving needs of its over 10 million and increasing customer base through a strong omnichannel presence, a robust supply chain, and tech-driven innovation. Pepperfry said it will reiterate its fundamental proposition of variety and leverage its retail footprint of more than 190 Studios in over 100 cities.
The company’s investors include Pidilite Industries, Goldman Sachs, Norwest Venture Partners, Bertelsmann India, State Street Advisors, and InnoVen Capital, among others.
Source: IANS
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