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Pepperfry, a furniture retailer, has appointed investment banker Ambit to explore a potential sale.
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The company’s growth has stagnated, with revenue increasing from Rs 207 crore in FY19 to only Rs 290 crore in FY23.
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Pepperfry’s investors are looking for an exit strategy after failed attempts at an initial public offering (IPO).
Pepperfry, a well-known furniture retailer, has taken steps to explore a potential sale. The company has appointed investment banker Ambit to find a suitable buyer. This move comes after Pepperfry’s growth stalled, and its investors are now looking for an exit strategy.
According to reports, Pepperfry’s revenue has not seen significant growth in recent years. The company’s revenue was Rs 207 crore in FY19, which only increased to Rs 290 crore by FY23. This stagnation has made it challenging for the company to remain competitive in the market.
The furniture retail market in India is highly competitive, with players like Urban Ladder, IKEA, Wakefit, and Wooden Street. Despite being one of the early entrants, Pepperfry has struggled to maintain its growth momentum. The company’s co-founder and former CEO, Ambareesh Murty, passed away in August 2023, which may have also impacted its growth.
Pepperfry’s decision to explore a sale comes after failed attempts at an initial public offering (IPO). The company’s investors, including Norwest Venture Partners, are now looking for alternative exit strategies. While discussions are ongoing, Pepperfry has not yet identified a single buyer.
