Furniture and home marketplace Pepperfry.com said it had raised ₹250 crore in a fresh round of funding from State Street Global Advisors, the asset management business of U.S.-based financial services company State Street Corporation.
“We are excited to enter the Indian e-commerce market through our investment in Pepperfry,” Anandh Hari, managing director, private equity, State Street Global Advisors, said in a statement.
The company said the funds will be deployed to expand Pepperfry’s Experience Centers in Tier II towns. It would also invest in developing augmented reality (AR) and virtual reality technology for virtual touch and feel.
To enhance franchise
The firm would also enhance the private brand franchise in preparation for its next financial milestone of an IPO.
Home Furniture and Décor is among the largest consumption categories in the country, with the size of the market expected to touch ₹3.5 lakh crore by 2020, according to Pepperfry.
