Furniture retailer Pepperfry has appointed co-founder Asish Shah as chief executive officer, shortly after the company's other co-founder Ambareesh Murty passed away last month.
Shah, along with Murty, had launched Pepperfry in 2012 and was the startup’s chief operating officer. Murty, 51, died of a cardiac arrest in Leh, Ladakh on 7 August.
“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, " Shah said in a statement.
The company operates an e-commerce marketplace for furniture and home goods. Through its online virtual catalogue and in-house supply chain, Pepperfry has established presence in over 500 cities, and more than 90 studios across 100+ cities in India.
“Pepperfry has been committed to enhancing the way people create homes, and I am honoured to lead this team of individuals who share this passion,” he added.
Further, the startup has also raised $23 million in funding from existing shareholders, including institutional investors and family offices. The company is backed by the likes of Norwest Venture Partners, Goldman Sachs, Bertelsmann India Investments, State Street Global Advisors and Fevicol’s parent company, Pidilite Industries. The company has raised around $245.3 million (around Rs 1,770 crore) since its inception.
The latest cash infusion for the ominchannel furniture retailer comes about 20 months after it raised its last round in November 2021.The startup competes with Home Centre, Urban Ladder, Furlenco and others.
Pepperfry intends to use the funds to strengthen its omnichannel presence, supply chain and innovation, it said.
