Pepperfry
Leadership History
2 leaders · 2011 to present
Ashish Shah is the CEO of Pepperfry, in the role since 2023. The first chief executive was Ambareesh Murty, from 2011.
| Name | Role | From | To | Years in role |
|---|---|---|---|---|
| Ashish Shah | Co-founder & CEO | 2023 | Present | 3 |
| Ambareesh Murty | Co-founder & CEO | 2011 | 2023 | 12 |
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, Goldman Sachs and Pidilite, opened 200+ studios by March 2023, and converted to a public limited company to prepare for an IPO. The listing never happened. Sales shrank after the pandemic boom, and in October 2025 TCC Concept agreed to acquire the company for about $76.6 million (₹660 crore) in shares, a fraction of its 2023 valuation. The company is headquartered in Mumbai, India. Pepperfry was founded in July 2011 in Mumbai, Maharashtra, India, by former eBay India executives Ambareesh Murty and Ashish Shah, transforming the fragmented Indian furniture and home decor market through an omnichannel studio network and proprietary heavy-goods logistics fleet (PepKart).
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. Private labels: from around 2019 it added its own furniture and mattress lines, which carry higher margins but force it to hold inventory. 3. Studio Pepperfry: about 110 experience centres (74 franchise-owned, 36 company-owned in early 2026) where shoppers see products and designers help place orders. Franchising keeps capital spending low. 4. New lines: home decor (80,000+ SKUs), modular kitchens and wardrobes, and 'Pepperfry for Business', a design-and-build service for offices, retail, hospitality and institutions launched in 2026. Pepperfry keeps prices uniform across its own site, marketplaces and quick-commerce channels, and claims logistics reach across about 500 cities with a network of 1,100+ manufacturers.
Co-founder & CEO
2023 – Present
3 years (current)
Appointed CEO in September 2023. Prioritised cost cuts that narrowed FY24 losses by 37%, negotiated the 2025 sale to TCC Concept, and in 2026 shifted strategy toward decor, franchise studio expansion and Pepperfry for Business.
Operational co-founder who previously ran Pepperfry's supply chain and studio network as COO.
Co-founder & CEO
2011 – 2023
12 years
Co-founded Pepperfry in 2011, focused it on furniture and home goods, built in-house delivery and assembly, and expanded Studio Pepperfry to 200+ outlets by March 2023. He led the company until his death in August 2023.
An alumnus of Delhi College of Engineering and IIM Calcutta with leadership stints at eBay India and Cadbury, Murty's entrepreneurial passion shaped online furniture retail in India.
Revenue fell about 31% to ~$21.9 million (₹188.9 crore) in FY24 and slipped again in FY25. Industry sources quoted by Inc42 blamed weak control over inventory, bulk imports of engineered-wood furniture that went unsold, costly company-owned studios and a commodity design range. Furniture is bought infrequently, so customer acquisition stays expensive, and Pepperfry competes with IKEA, Reliance-backed Urban Ladder, WoodenStreet, Wakefit, Home Centre, Amazon and Flipkart.
Ashish Shah is the co-founder and Chief Executive Officer of Pepperfry, appointed in September 2023. Prior to becoming CEO, Shah served as Chief Operating Officer for 12 years, spearheading Pepperfry's supply chain, building the PepKart logistics network, and scaling physical studio expansion across India. Earlier in his career, he led eBay India's motors and social commerce divisions.
Ambareesh Murty was the co-founder and founding CEO of Pepperfry from its inception in 2011 until his tragic and untimely passing in August 2023. A former Country Manager of eBay India and marketing leader at Cadbury and Levi Strauss, Murty was a well-known pioneer of Indian ecommerce who built Pepperfry into a beloved household brand.
Following Ambareesh Murty's passing, Ashish Shah immediately united the leadership team, secured an additional $23 million funding injection from existing institutional investors, accelerated the path to operational profitability, and expanded franchise studios in Tier 2/3 markets.
Ashish Shah emphasizes operational rigor, zero-defect furniture delivery, high-margin private-label development, and empowering local artisan suppliers with modern manufacturing technology to elevate Indian furniture craftsmanship.
Key executive leaders include Ashish Shah (CEO & Co-founder), Anand Batra (Chief Financial Officer), Hussaine Kesury (Chief Category Officer), and senior vice presidents leading PepKart supply chain, digital technology, and retail franchise networks.
During 2020-2021 lockdowns, leadership pivoted to meet surging work-from-home demand, launching ergonomic home office collections, contactless white-glove deliveries, and virtual video interior consultations across major Indian cities.
Ashish Shah accelerated an asset-light expansion model, partnering with local entrepreneurs through the FOFO studio program to scale the physical footprint from 100 to over 200 locations with minimal corporate capital expenditure.
Ashish Shah envisions Pepperfry as India's home ecosystem, a trusted one-stop destination fulfilling every furniture, decor, and interior renovation requirement for 50 million Indian homes over the next decade.
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