MUMBAI, INDIA, eCommerce retailer raised $5 million from Norwest Ventures Partners.
eCommerce retailer raised $5 million from Norwest Ventures Partners. The imminent launch of www.pepperfry.com
promises to step jump the availability of affordable lifestyle products for Indian consumers. Over the last few months, team Pepperfry has grown to more than 70 e-commerce and retail professionals, and by Christmas 2011, Pepperfry will offer a range of 25,000+ pocket happy lifestyle products across multiple categories such as Clothing, Furniture & Home DÃ©cor, Precious & Fashion Jewellery, Lifestyle Accessories and Personal Care. Headquartered in Mumbai, Pepperfry also has on ground sourcing and fulfillment operations in Delhi and Jodhpur.
Through Pepperfry, Indian shoppers will soon be able to affordably indulge their tastes for stylish, high quality lifestyle products without burning a hole in their wallets. Ambareesh Murty, CEO, says, "Pepperfry's goal is to make affordable indulgence possible. We will ensure our customers get competitively priced lifestyle products without needing to compromise on style or choice."
Ashish Shah, COO, adds, "We understand the joy customers experience having access to stylish bargains across a broad range of desirable products. Our team's extensive category experience allows us to select a wide variety of popular items, merchandise them well to aid the buying process, provide third party certifications where required and back this up with great support and fair return policies."
Commenting on the investment, Niren Shah, Managing Director, Norwest Venture Partners India (NVP India) said, "Our decision to invest in Pepperfry was an easy one. Pepperfry has a strong team, extensive e- commerce and retail expertise and great execution abilities reflected in the imminent launch of www.pepperfry.com
in less than five months since commencing operations. We are excited by the e- commerce opportunity in India and believe that Pepperfry is a great addition to our robust global internet portfolio. I wish the team the very best."
Pepperfry's team of experienced e-commerce and retail professionals are committed to offering customers a wide range of pocket happy lifestyle products and a consistently great online shopping experience. Due to launch by Christmas 2011, Pepperfry will offer a range of over 25,000 competitively priced lifestyle products across categories such as Clothing, Jewellery, Furniture & Home DÃ©cor, Lifestyle Accessories and Personal Care. Headquartered in Mumbai, Pepperfry also has offices and logistics operations in Delhi and Jodhpur.
About Norwest Venture Partners (NVP)
Norwest Venture Partners (NVP) is a global venture and growth equity investment firm that manages more than US$ 3.7 Billion in capital. Headquartered in Palo Alto, California, NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. NVP makes early to late stage venture and growth equity investments across a wide range of sectors including: information technology, business services, financial services, infrastructure, technology enabled services and consumer. NVP has actively partnered with entrepreneurs to build great businesses for more than 50 years and has funded nearly 500 companies since inception.
Related NVP investments include such companies as AdChina, Admeld, Badgeville, BranchOut, Brand.net, The Dealmap (acquired by Google), DealsandYou.com, FashionandYou.com, Gilt Groupe, iProf, Komli Media, Lashou, ngmoco (acquired by DeNA), NSE (National Stock Exchange of India), Persistent Systems (NSE: PERSISTEN.NS), Playdom (acquired by The Walt Disney Company), Quikr, Quirky, Rackspace (NYSE:RAX),
Ratnakar Bank, Sadbhav Infrastructure Project Ltd (SIPL), Shriram Union City Finance, SideStep (acquired by Kayak), Suvidhaa, TURN, WhaleShark Media (parent company of RetailMeNot) and Yatra.com.