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Pepperfry

Omnichannel Furniture & Home Decor RetailFounded 2011
Reviewed by Swet Parvadiya
Company data updated: October 2026
Independent Editorial Analysis
9 historical events · Editorial analysis

Pepperfry Company Profile: Revenue, Business Model & Strategy

Research depth: 9 milestones · 9 FAQs

Pepperfry is an Indian omnichannel furniture and home decor retailer founded in Mumbai in 2011 by Ambareesh Murty and Ashish Shah. It reported ~$21.9 million (₹188.9 crore) revenue and a ~$13.6 million (₹117.5 crore) loss in FY24, runs about 110 studios in 65 cities, and became a subsidiary of TCC Concept Ltd after a…

How Pepperfry makes money: Pepperfry earns money in four ways: 1. Marketplace commissions: independent furniture sellers list on pepperfry.com, and Pepperfry historically took a 15-20% commission while handling logistics and customer service. 2.

Revenue & employeesCEO historyFoundersBusiness model
Annual Revenue (FY2025)~$21.6M
Employees2,200
CEOAshish Shah
Founded2011
IndustryOmnichannel Furniture & Home Decor Retail
By Swet ParvadiyaLast reviewed:
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Data sources: annual reports, SEC filings, methodology
Industry:Omnichannel Furniture & Home Decor Retail

Pepperfry key figures

Pepperfry had revenue of ~$21.6M for fiscal year 2025, down 1.4% from FY2024. Net loss was ~$9.9M, a net margin of -45.6%.

Source: Inc42 company data; loss per ETRetail (approximate) · Last reviewed October 2026

Revenue growth, FY2023 to FY2025
-17.3% a year
Compound annual rate, ~$31.6M to ~$21.6M
Peak revenue year
FY2023
~$31.6M; the latest reported year is 31.5% below the peak
Revenue per employee
~$9,818
FY2025 revenue divided by 2,200 employees; headcount may use another date
Current chief executive
Ashish Shah
In the role since 2023 (3 years)
Founded
2011
15 years ago
Where was Pepperfry founded?
Pepperfry was founded in Mumbai, Maharashtra, India in 2011.
When did Pepperfry start?
Pepperfry was founded in 2011.
How old is Pepperfry?
Pepperfry is 15 years old as of 2026.
In-Depth Analysis
404 words · 3 min read

Pepperfry at a glance

Pepperfry is a Mumbai-based omnichannel furniture and home decor retailer founded in 2011 by former eBay India executives Ambareesh Murty and Ashish Shah. It sells through pepperfry.com, other marketplaces and about 110 Studio Pepperfry outlets in 65 cities. Since a share-swap deal announced in October 2025, it has been a subsidiary of BSE-listed TCC Concept Ltd. Ashish Shah is CEO.

How Pepperfry makes money

Pepperfry started as a marketplace, earning commissions of roughly 15-20% from independent sellers while running delivery and customer service itself. Around 2019 it added private-label furniture and mattresses for better margins. Studios, most of them franchise-owned, act as showrooms and design-help centres. In 2026 it added home decor as a growth category (80,000+ SKUs), modular interiors through a partnership with Imaginest, and Pepperfry for Business for commercial projects.

Revenue and losses

Operating revenue peaked at about $31.6 million (₹272 crore) in FY23, with a ~$21.8 million (₹187.6 crore) loss. In FY24 revenue fell 30.6% to ~$21.9 million (₹188.9 crore) and the loss narrowed to ~$13.6 million (₹117.5 crore). Inc42 data puts FY25 revenue at ~$21.6 million (₹186.2 crore), and ETRetail reported the FY25 loss at about $9.86 million (₹85 crore). In the December 2025 quarter Pepperfry reported GMV of ~$18.2 million (₹157 crore).

Who owns Pepperfry

Pepperfry raised more than $300 million from investors including Norwest Venture Partners, Bertelsmann India Investments, Goldman Sachs and Pidilite, and was valued at about $375 million in July 2023. In October 2025 TCC Concept agreed to buy about 99% of the company for roughly $76.6 million (₹660 crore), paid in TCC shares. An early-2026 down round of ~$18.4 million (₹158.4 crore) was led by Morde Foods and SageOne.

Leadership

Ambareesh Murty led Pepperfry from 2011 until he died of a cardiac arrest in Leh in August 2023, aged 51. Co-founder and COO Ashish Shah was named CEO on September 5, 2023.

Competitors

Pepperfry competes with Urban Ladder (owned by Reliance Retail), IKEA India, WoodenStreet, Wakefit, Home Centre, and the furniture sections of Amazon and Flipkart. Manufacturer-led rivals control design and production, which industry sources cite as the main gap in Pepperfry's model.

What comes next

Pepperfry plans 55-60 new studios in 2026 and is betting on decor, which brings customers back more often than furniture, along with commercial interiors backed by 1,100+ manufacturing partners. Whether TCC Concept's ownership restores growth will show up in FY26 and FY27 results.

Table of Contents

Pepperfry Key Facts

CompanyPepperfry
Annual revenue change-1.4% (FY2024–FY2025)
Financials~$21.6M (FY2025, last reviewed October 2026)
Valuation$78M (private company, last reported)
FY2025 net incomeloss ~$9.9M
Last reviewedBy Swet Parvadiya, Founder & Editor - October 2026
Founded2011
Founder(s)Ambareesh Murty, Ashish Shah
CEOAshish Shah
HeadquartersMumbai, Maharashtra, India
IndustryOmnichannel Furniture & Home Decor Retail
Employees2,200+

Pepperfry Company Profile: Revenue, Business Model & Strategy

"Pepperfry taught Indians to buy furniture online, raised $300 million, and was then sold to a small listed realty firm for about $76.6 million (₹660 crore)."

Why Pepperfry Wins

Brand recall built since 2011, a 100,000+ product catalogue, delivery and assembly across about 500 cities, and a franchise-led studio network that lets it add stores cheaply.

Pepperfry operates in a competitive market alongside IKEA Group (INGKA Holding B.V.), Flipkart, Amazon.com, Inc., Home Centre. Analysts frequently compare Pepperfry and IKEA Group (INGKA Holding B.V.) due to their overlapping products, target markets, and strategic positioning.

Pepperfry is an Indian omnichannel furniture and home decor retailer founded in Mumbai in 2011 by Ambareesh Murty and Ashish Shah. It reported ~$21.9 million (₹188.9 crore) revenue and a ~$13.6 million (₹117.5 crore) loss in FY24, runs about 110 studios in 65 cities, and became a subsidiary of TCC Concept Ltd after a ~$76.6 million (₹660 crore) share-swap deal announced in October 2025.

Revenue

~$21.6M

Founded

2011

Employees

2K+

Author: CorpDigest Research DeskCompany Research

Explore Pepperfry In Depth

Detailed research across every dimension of Pepperfry — history, financials, leadership, and strategy.

Company History

Pepperfry was one of the first Indian startups to prove that people would buy sofas and beds online. It raised more than $300 million from investors including Norwest Venture Partners, Bertelsmann India Investments,…

Full Pepperfry history →

Revenue & Financials

Pepperfry had ~$21.6M in revenue for fiscal year 2025. Data covers 3 fiscal years.

Pepperfry financials →

Founders

Pepperfry was founded by Ambareesh Murty, Ashish Shah in 2011. Explore each founder's background, motivations, and their role in building the company.

Pepperfry founders →

CEO & Leadership

Pepperfry is currently led by Ashish Shah. Explore the full CEO history — leadership transitions, tenures, and the strategic decisions of each chief executive.

Pepperfry CEO history →

Business Model

Pepperfry earns money in four ways: 1. Marketplace commissions: independent furniture sellers list on pepperfry.com, and Pepperfry historically took a 15-20% commission while handling logistics and customer service. 2.

How Pepperfry makes money →

Acquisitions

Pepperfry has completed 1 documented acquisition. Explore the full acquisition history and strategic rationale behind each deal.

Pepperfry acquisitions →

Competitive Strategy

After two years of cost cutting, Ashish Shah says Pepperfry now wants to be known for growth. The plan rests on three pillars: home decor, which drives more frequent visits than furniture; offline expansion, mostly…

Pepperfry strategy →

CorpDigest Research Desk

 Research Profile

Our analysts compile business strategy profiles from public financial filings, press releases, and analyst reports. Each profile is reviewed for accuracy before publication by our editorial desk and updated on a rolling basis.

About the Author →Our Methodology →

Frequently Asked Questions About Pepperfry

What is Pepperfry?

Pepperfry is an Indian omnichannel furniture and home decor retailer headquartered in Mumbai. It sells through pepperfry.com, other marketplaces and quick-commerce apps, and about 110 Studio Pepperfry experience centres in 65 cities.

Is Pepperfry a listed company?

No. Pepperfry converted to a public limited company (Pepperfry Limited) to prepare for an IPO, but never listed. It is now a subsidiary of TCC Concept Ltd, which is listed on the BSE.

How much did TCC Concept pay for Pepperfry?

TCC Concept first announced a 95.18% stake for about $76.5 million (₹659.4 crore) in October 2025, then raised it via a corrigendum to 98.98% for about $76.7 million (₹661.5 crore), paid in TCC shares rather than cash.

What is Pepperfry's revenue?

Pepperfry reported operating revenue of ~$21.9 million (₹188.9 crore) in FY24, down 30.6% from FY23, with a loss of ~$13.6 million (₹117.5 crore). Inc42 data puts FY25 revenue at ~$21.6 million (₹186.2 crore).

How much funding has Pepperfry raised?

Pepperfry raised more than $300 million from investors including Norwest Venture Partners, Bertelsmann India Investments, Goldman Sachs, General Electric Pension Trust and Pidilite, plus a ~$18.4 million (₹158.4 crore) down round led by Morde Foods and SageOne in early 2026.

How many Studio Pepperfry stores are there?

About 110 in 65 cities as of early 2026 (74 franchise-owned, 36 company-owned), down from more than 200 in March 2023. Pepperfry plans 55-60 new studios in 2026.

What is Pepperfry for Business?

A design, build and furnishing service launched in 2026 for offices, retail, hospitality and institutions, drawing on 1,100+ manufacturers and a 1.25 lakh sq ft manufacturing facility.

Does Pepperfry have physical stores?

Yes, despite starting purely online, Pepperfry operates over 200 physical 'Studio Pepperfry' locations across India, which function as experience centers rather than traditional retail stores.

Who founded Pepperfry?

Pepperfry was founded in 2012 by former eBay India executives Ambareesh Murty and Ashish Shah.

Analysis: How Pepperfry Makes Money

Deep dive into the Pepperfry business model, revenue streams, and strategic moats in 2026.

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    Financial data on this page is sourced from SEC EDGAR filings, official earnings releases, and verified press statements. Revenue figures are reviewed and updated periodically. Read our full data methodology ->

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    Editorial Methodology

    Company Research

    We use company filings, annual reports, company statements and press reports, with primary sources preferred where available. Each financial row shows its recorded source. Full-year figures are separated from annualized run-rates, partial periods and forecasts; unaudited figures carry a label. Source detail varies by company, so check the linked material when the reporting basis matters.

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    2. Expert Curation

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    3. Multi-Pass Audit

    Technical checks flag inconsistent figures and missing links. Editorial review of the underlying source remains necessary for claims those checks cannot verify.

    Swet Parvadiya
    SEC filings & public records methodology
    Sourced from public financial records

    Explore Related Pages for Pepperfry

    History & FailuresTimeline, setbacks, and key milestonesBusiness ModelHow they make money and market productsFinancialsRevenue history and fiscal metricsCompetitive StrategyRivals, benchmarks, and SWOT analysis

    Sources & References

    The data and narrative synthesized in this intelligence report were verified against primary sources:

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