Total amount raised
$267 Million
Latest funding date
6/1/2025
Location
Pepperfry has raised funds through 12 disclosed rounds, backed by notable investors including Norwest and Panthera Growth Partners. The platform offers a wide selection of furniture and home merchandise, making it a prominent player in the online home and lifestyle shopping sector.
Keep reading to explore the intricacies of Pepperfry's fundraising journey and the investors backing this innovative platform.
Pepperfry has raised at least USD 267 million across 12 disclosed funding rounds. Its backers include Goldman Sachs, Norwest Venture Partners, Bertelsmann India Investments, State Street Global Advisors, Pidilite Industries, General Electric Pension Trust, and Panthera Growth Partners.
Keep reading to explore Pepperfry's fundraising journey, its key investors, and what lies ahead for the Mumbai-based omnichannel furniture marketplace.
What Is Pepperfry?
Pepperfry is a Mumbai-based omnichannel furniture and home decor marketplace founded in 2011 by Ambareesh Murty and Ashish Shah. Operating across online and offline channels, Pepperfry connects consumers with a wide range of furniture, home furnishings, and lifestyle products. The company employs between 501 and 1,000 people and serves customers across more than 500 cities in India through its platform and physical studio stores.
How Much Funding Has Pepperfry Raised?
- Series A
- Amount Raised: USD 5,000,000
- Date: December 2011
- Lead Investors: Norwest Venture Partners
- Series B
- Amount Raised: USD 8,000,000
- Date: April 2013
- Lead Investors: Norwest Venture Partners
- Series C
- Amount Raised: USD 15,000,000
- Date: May 2014
- Lead Investors: Bertelsmann India Investments
- Participants: Norwest Venture Partners
- Series D
- Amount Raised: USD 100,000,000
- Date: July 2015
- Lead Investors: Goldman Sachs, Zodius Technology Fund
- Participants: Bertelsmann India Investments, Norwest Venture Partners
- Series E
- Amount Raised: USD 31,000,000
- Date: September 2016
- Lead Investors: Goldman Sachs
- Participants: Bertelsmann India Investments, Norwest Venture Partners, Zodius Technology Fund
- Series E (Extension)
- Amount Raised: INR 2,500,000,000 (~USD 33,000,000)
- Date: March 2018
- Lead Investors: State Street Global Advisors
- Participants: Goldman Sachs, Bertelsmann India Investments, Norwest Venture Partners, Zodius Capital
- Series F
- Amount Raised: USD 40,000,000
- Date: February 2020
- Lead Investors: Pidilite Industries Limited
- Participants: Goldman Sachs, Norwest Venture Partners, Bertelsmann India Investments, State Street Global Advisors
- Debt Financing
- Amount Raised: INR 350,000,000 (~USD 4,800,000)
- Date: February 2021
- Lead Investors: InnoVen Capital
- Equity Round (Series Unknown)
- Amount Raised: ~USD 5,000,000
- Date: 2021
- Lead Investors: Undisclosed
- Participants: Norwest Venture Partners, General Electric Pension Trust, and 45 family businesses and trusts
- Debt Financing
- Amount Raised: USD 40,000,000
- Date: November 2021
- Lead Investors: Undisclosed
- Participants: Norwest Venture Partners, General Electric Pension Trust, and 45 family businesses and trusts including Burjorjee Family Trust, Mukesh Sharma Family Trust
- Series Unknown
- Amount Raised: USD 23,000,000
- Date: September 2023
- Lead Investors: Undisclosed (existing institutional investors and family offices)
- Series Unknown (Latest)
- Amount Raised: INR 43.3 crore
- Date: June 2, 2025
- Lead Investors: General Electric Pension Trust
- Participants: Norwest Venture Partners, Goldman Sachs, Panthera Growth Partners
Total Amount Raised: At least USD 267,000,000 based on disclosed funding across 12 rounds. Three rounds stated only in rupees, in March 2018, February 2021 and June 2025, are not included in this US dollar total.
Key Investors
- Norwest Venture Partners
- Details: One of Pepperfry's earliest and most consistent backers, Norwest led the Series A and Series B rounds and has participated in nearly every subsequent round including the June 2025 raise.
- Goldman Sachs
- Details: Led Pepperfry's landmark $100M Series D in July 2015 alongside Zodius Technology Fund, and co-led the Series E in September 2016. Goldman Sachs has continued as a participant through the 2025 round.
- Bertelsmann India Investments
- Details: Led the Series C in May 2014 and participated in subsequent Series D, E, and F rounds, making it a longstanding institutional investor in Pepperfry.
- State Street Global Advisors
- Details: Led the March 2018 Series E extension round of INR 250 crore (~$33M) and participated in the Series F round.
- Pidilite Industries Limited
- Details: Led the Series F round in February 2020, bringing in $40 million. Pidilite, the maker of Fevicol, marked a strategic corporate investment in Pepperfry's growth.
- General Electric Pension Trust
- Details: A key institutional investor in Pepperfry's later rounds, General Electric Pension Trust led the most recent disclosed round in June 2025, contributing INR 21.5 crore.
- Panthera Growth Partners
- Details: A participant in Pepperfry's recent funding rounds including the June 2025 raise, Panthera Growth Partners invested INR 6.45 crore in that round.
What's Next for Pepperfry?
TCC Concept Limited agreed to acquire Pepperfry in a share swap, with a 95.18% stake at INR 659.44 crore disclosed on October 14, 2025. A corrigendum later revised this to a 98.98% stake at about INR 661.47 crore. CNBC TV18 reported on January 6, 2026 that Pidilite Ventures had transferred its entire Pepperfry holding to TCC Concept under the swap.
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