Pepperfry Raises $23 Million, Elevates Co-Founder Ashish Shah To CEO Position

Direct-to-consumer furniture marketplace Pepperfry Ltd. announced the elevation of co-founder Ashish Shah to the position of chief executive officer on Tuesday.

The appointment follows the death of Ambareesh Murty, Pepperfry's co-founder and former CEO, last month.

Shah was the chief operating officer prior to this development. "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.

In the past few months, the company said it has taken several initiatives that have set it on a sustained path to profitability. "(That's) a milestone that is now within close reach," it said, without elaborating further.

According to the company's filings for the financial year 2022, it posted revenue from operations of about Rs 247 crore and losses of Rs 194 crore.

The company has also raised $23 million, or about Rs 190 crore, in funding from existing shareholders, including institutional investors and family offices.

"The latest round of capital infusion will strengthen Pepperfry's ability to cater to the evolving needs of its 1 crore and increasing customer base through a strong omnichannel presence, a robust supply chain, and tech-driven innovation," the company said.