SSGA backs Pepperfry with Rs 250 crore Fresh Funding

In a fresh round led by State Street Global Advisors, online furniture major Pepperfry has raised Rs.250 crore of funding summing up the total investments to Rs.1200 Crore.

The asset management business of State Street Corporation is one of the world’s largest investment management companies with $2.78 trillion in Assets Under Management.

Pepperfry has till now raised over Rs. 1200 crore including this round of funding since its beginning 6 years ago.

According to the statement of the company, the fresh funds will be deployed to expand Pepperfry’s Experience Centers in tier II towns, invest behind developing AR/VR technology for virtual touch and feel, and enhance the private brand franchise in preparation for its next financial milestone of an IPO.

Ambreesh Murty, Founder, and CEO of Pepperfry said, “We have been fortunate to have partners who believe in our business, are aligned with our strategy and value our execution capabilities. I welcome a marquee investor like State Street Global Advisors to Pepperfry and look forward to their partnership in this new phase of our journey."

In its capacity as an advisor and manager of private equity, State Street Global Advisors joins Norwest Venture Partners, Bertelsmann India Investments, Zodius Capital and Goldman Sachs who have previously invested in Pepperfry.

Anandh Hari, managing director-private equity at State Street Global Advisors said, “We are excited to enter the Indian e-commerce market through our investment in Pepperfry. India’s large furniture and décor market is ripe for disruption and we believe that Pepperfry’s unique strategy, proven execution capabilities, and passionate team are the perfect ingredients for success.”