Pepperfry issues Preference shares to Pidilite associated firms against $10 Million investment

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The online furniture business hasn’t been as successful as the companies expected it to be. Pepperfry, dealing in furniture online managed to raised $40 million in February led by Pidilite Industries. They announced Series F Round back then but have recently distributed 1.55 crore preference shares to Madhumala Ventures Private Ltd and Vedantam Family Trust for a combined investment of $10 million. Both the ventures are associated with Pidilite.

The reports state that the company has allotted 14,780,200 Series A shares to Madhumala and 739,000 Series B shares to Vedantam. Pepperfry began in 2011 in sections like Home and Lifestyle. They have merged the marketplace model in both online and offline spheres.

Pepperfry is currently operating in 700 stores across 25 cities in India. The firm’s total revenue shot up by 47% but still it had a loss of about Rs 183.5 crore in fiscal year 2019. They are directly in competition with companies like UrbanLadder, Amazon, Flipkart and Ikea.

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