Sunday, February 18, 2024
Advertisement
  1. You Are At:
  2. News
  3. Technology
  4. Pepperfry registers Rs 188 cr losses in FY23, and here is the reason for the business downfall

Pepperfry registers Rs 188 cr losses in FY23, and here is the reason for the business downfall

Pepperfry registered Rs 188 crore losses in FY23, down by just 3 per cent from Rs 194 crore losses in FY22. As per the financial statements with the Registrar of Companies (RoC), the company logged Rs 272 crore in revenue from operations in FY23 from Rs 247 crore in FY22.

Saumya Nigam Edited By: Saumya Nigam @snigam04 New Delhi Published on: December 11, 2023 19:33 IST
pepperfry, tech news
Image Source : PEPPERFRY Pepperfry registers Rs 188 cr losses in FY23, and here is the reason for the downfall

Pepperfry, an online furniture brand has registered a loss of Rs 188 crore in FY23, which is down to just 3 per cent from FY22 which witnessed the loss of Rs 194 crore. In the last fiscal year, the brand has witnessed a slow growth.

As per the Entrackr report, the furniture shopping platform was expected to file an IPO in 2021 but the plan got delayed.

As per the financial statements with the Registrar of Companies (RoC), the company logged Rs 272 crore in revenue from operations in FY23 from Rs 247 crore in FY22.

Advertisement and brand ambassadors

It was reported that the advertising and promotion cost marked 22 per cent of the overall expenditure and Pepperfry also roped in Saif Ali Khan and Kareena Kapoor Khan (Bollywood actors) as their brand ambassadors during FY23.

Management change

In September 2023, the online furniture store elevated its co-founder Ashish Shah to the position of Chief Executive Officer (CEO), after Ambareesh Murthy, the co-founder and CEO passed away at 51 years of age, because of cardiac arrest in August 2023.

Funding and plan

The company secured USD 23 million in funding from the existing shareholders, which included institutional investors and family offices, which have been underscoring their confidence in the company’s vision and strategic plans for the future.

Shah has played a pivotal role in shaping Pepperfry's customer-centric strategy, supply-side strengths and operational excellence.

The latest round of capital infusion will strengthen Pepperfry’s ability to cater for the evolving needs of its over 10 million and increase its customer base through a strong omnichannel presence, tech-driven innovation and a robust supply chain. 

Pepperfry stated that it will be reiterating its fundamental proposition of variety and leveraging its retail footprint of more than 190 Studios in over 100 cities.

The company’s investors include Goldman Sachs, Pidilite Industries, Bertelsmann India, Norwest Venture Partners, InnoVen Capital and State Street Advisors, among others.

ALSO READ: Chandrayaan-3 and ChatGPT top the chart of Google Search in India

Inputs from IANS

Advertisement

Read all the Breaking News Live on indiatvnews.com and Get Latest English News & Updates from Technology

Advertisement
Advertisement
Advertisement
Advertisement