Pepperfry, an online furniture marketplace, showed modest growth in FY23. The company's revenue from operations increased to Rs 272 crore, up from Rs 247 crore in FY22. Despite the challenges, Pepperfry managed to reduce its losses to Rs 187.6 crore in FY23, down from Rs 194 crore in the previous fiscal year.
Pepperfry's growth was partly attributed to its expanding network of Pepperfry Studios, which grew by 40% to over 200 studios. The company's Gross Delivered Value (GDV) reached Rs 1,117.5 crore.
Notably, Pepperfry achieved this while cutting down its advertising and promotion costs by 18.5% to Rs 106 crore. It also efficiently managed its expenses in areas like employee benefits, rent, logistics, and warehousing.
Following the demise of Pepperfry's Co-founder and CEO Ambareesh Murty in August due to a cardiac arrest, Ashish Shah, the Chief Operations Officer, was later appointed as the CEO. Under his leadership, the company raised $23 million in funding and continued to strengthen its omnichannel presence.
Since its inception in 2012, Pepperfry has evolved from a horizontal online marketplace to one of India's largest tech-driven furniture retail firms. With a customer base of over 10 million and connections in over 500 cities, the company has raised upwards of $230 million in funding. It competes with other major players in the market, including Furlenco, Wooden Street, HomeLane, Amazon, and Flipkart.
Pepperfry's IPO plans
According to multiple media reports, Pepperfry is eyeing a public listing to raise $250-300 million. The move was initially postponed due to tough macroeconomic conditions, as it eyes profitability and consistent month-on-month growth before listing on the bourses.
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