Secures $23 million in recent round of funding from existing investors
Pepperfry, India’s leading e-commerce furniture and home goods marketplace, today announced the elevation of its co-founder, Ashish Shah, to the position of Chief Executive Officer (CEO). Ashish, who co-founded the company alongside Ambareesh Murty in 2012, brings with him a wealth of experience spanning two decades in the Indian e-commerce landscape. As the erstwhile COO of the company, heading operations, category management, product and omnichannel Business, Ashish has played a pivotal role in shaping Pepperfry’s customer-centric strategy, supply side strengths and operational excellence.
This appointment follows the untimely demise of Ambareesh Murty, Pepperfry’s co-founder and former CEO. Under Ambareesh’s leadership, Pepperfry ushered in a transformative era in Indian furniture and home goods online shopping marketplace. It established a platform renowned for its unique blend of quality, affordability, convenience and revolutionising the way Indian consumers shop for furniture.
“Pepperfry remains focused on its mission to provide a wide array of well-designed products to help customers create inspiring and functional living spaces. Pepperfry has always been committed to enhancing the way people create homes, and I am honoured to lead this incredible team of dedicated individuals who share this passion. 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.” said Ashish Shah, CEO, Pepperfry.
In the past few months, Pepperfry has undertaken several initiatives that have set the company towards a sustained path to profitability, a milestone that is now within close reach. In a testament to this, the Company has 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 future.
The latest round of capital infusion will strengthen Pepperfry’s ability to cater to the evolving needs of its 10 million+ and increasing customer base through a strong omnichannel presence, a robust supply chain and tech driven innovation. The company’s commitment to innovation, craftsmanship, and customer-centricity will continue under Ashish Shah’s leadership. Pepperfry will reiterate its fundamental proposition of variety and leverage its retail footprint of 190+ Studios in over 100 cities.
Pankaj Makkar, MD, Bertelsmann India Investments, an early backer of Pepperfry said, “We’ve been partners with Pepperfry for nearly a decade now. I’ve seen the company grow quickly, thanks to the capable leadership of co-founders Ambareesh and Ashish. After Ambareesh’s unfortunate and untimely passing, it’s only natural that Ashish takes the helm as CEO. He will continue to lead the company towards a promising future, driving excellence across all areas of business and technology.”