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Pepperfry eyes unicorn club, IPO in 2022

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Omnichannel furniture retailer Pepperfry will be in the unicorn club by the time its initial public offer hits the market, PTI quoted co-founder and COO Ashish Shah as saying.

“We are a Rs 1,000 crore turnover company. We are very close to becoming profitable. As soon as the market opens, I think it will show our first profit mark. After this we plan to go for an IPO in the next 12-18 months,” Shah told PTI.

He said that the company expects to be in the unicorn club soon in terms of enterprise value. “We are in the process of making changes in company structure. As soon as that is done we will go for the Draft Red Herring Prospectus process. Hopefully, we should be a billion dollar business very soon. Our IPO value will be in that range,” he added.

Shah also announced plans to add 200 offline stores on FOFO (franchise owned franchise operated) across tier II and III  towns. Offline stores contribute 30 per cent to the overall retail turnover for Pepperfry, he informed.

Pepperfry opened its first offline store in Mumbai in 2014, and by 2019 there were over 70 stores across 28 cities in India. The company has four warehouses in Bengaluru, Jodhpur, Mumbai, and Delhi.

In 2020, the retailer also ventured into the home interiors category, partnering with Hettich, Bosch, Siemens, Kajaria, and Gyproc, among other leading brands.

The company has raised a total of USD240.5 million in eight funding rounds till date. In the most recent infusion, it received Rs 35 crore from InnoVen Capital, the third investment by the venture debt and specialty firm in the company, in February 2021.

In December 2020, Reliance Retail bought 94% stake in Pepperfry’s rival Urban Ladder for Rs 182 crore.