Pepperfry raises Series E Funding Led By Goldman Sachs
Pockets a Whooping Rs 210 Crore for Expansion
In it’s Series E funding round, Indian e-commerce giant, Pepperfry, has raised a sum to the tune of Rs 210 crore from its existing backers which include some luminous names like Goldman Sachs, Norwest Venture Partners, Bertelsmann India Investments and Zodius Technology Fund. Apart from this, the co-founders also plan to raise an extra Rs 150- 200 crore from new investors in the coming months.
Ramping up Operations for Newer Challenges
Mumbai-based e-commerce startup was brought to life by co-founders Ambareesh Murty and Ashish Shah, ex-e-Bay executives. After making a solid presence in the tier 1 and 2 cities, now the duo wants to further reach out to 1,000 more cities in the next two years. And this latest round of funding will be put to use for the same. The startup is also in the process of opening up its concept stores- Pepperfry Studios- in around 20 cities apart from metros.
Growing Figures and Feeling Bullish
The already successful e-commerce platform had clocked in an annualized gross sales figure of Rs 1,000 crore in the last fiscal year ended March 2016. Now with the fresh funds, it is striving to triplicate this figure by fiscal year ending in 2018. Also the average order value has seen a doubling surge from last year and stands at Rs 11,000.
Although, the current valuation of the company was not revealed, Murty described it as a significant up as compared to the valuation in the last round. It was earlier valued at Rs 1,800 crore in the last round of funding in July 2015, where it had raised $100 million.
With all the projected growth, what do you think Pepperfry should do to further improve its services? Please share your thoughts in the comments section below.
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