Pepperfry appoints co-founder Ashish Shah as new CEO; raises $23 million in fresh funding

NEW DELHI: Pepperfry has appointed co-founder Ashish Shah as the new chief executive officer following the untimely demise of former CEO Ambareesh Murty. Shah who co-founded the company with Murty in 2012 had held the position of the COO before the commencement of this new stint. Murty passed away on August 7 in Leh after suffering a cardiac arrest.
Pepperfry which runs an online furniture marketplace also said that it has raised a fresh $23 million in funding from existing investors including institutional investors and family offices. The firm which aims to go public indicated that it is close to achieving profitability.
“In the past few months, Pepperfry has undertaken several initiatives that have set the company towards a sustained path to profitability, a milestone that is now within close reach,” the company said in a statement on Tuesday. The fresh capital infusion will help Pepperfy to strengthen its supply chain and invest in tech led innovation.
In a competitive space while rival Urban Ladder was acquired by Reliance, Pepperfry managed to survive. The firm claims to cater to more than 10 million customers currently.
“Pepperfry remains focused on its mission to provide a wide array of well designed products to help customers create functional living spaces,” Shah said.
The company which counts Bertelsmann and Norwest Ventures Partners among its investors has raised around $285 million in debt and equity funding so far, according to data from Crunchbase. Pepperfry was last valued at close to $500 million.