Pepperfry
Company History
Pepperfry History: Founding, Growth & Key Milestones
Founded 2011 in Mumbai, Maharashtra, India
When was Pepperfry founded?
Pepperfry was founded in 2011 in Mumbai, Maharashtra, India by Ambareesh Murty and Ashish Shah, making it 15 years old.
- Founded
- 2011
- Founding place
- Mumbai, Maharashtra, India
- Founders
- Ambareesh Murty and Ashish Shah
- Headquarters today
- Mumbai, Maharashtra, India
- Milestones documented
- 9 (2011–2026)
- Current CEO
- Ashish Shah
- Acquisitions
- 1
| Year | Event |
|---|---|
| 2011 | Pepperfry Founded in Mumbai |
| 2014 | First Studio Pepperfry Opens |
| 2023 | Studio network passes 200 outlets by March; FY23 revenue about $31.6 million (₹272 crore) with a ₹187.6 |
| 2023 | Valued at about $375 million in July; Ambareesh Murty dies in Leh in August; Ashish Shah |
| 2024 | FY24 Revenue Falls 30.6% |
| 2025 | $5.1 Million from Existing Investors |
| 2025 | TCC Concept signs a term sheet in September and a definitive agreement in October to |
| 2026 | Down Round Led by Morde Foods and SageOne |
| 2026 | Pepperfry for Business Launches |
- Where was Pepperfry founded?
- Pepperfry was founded in Mumbai, Maharashtra, India in 2011.
- Who founded Pepperfry?
- Pepperfry was founded by Ambareesh Murty and Ashish Shah.
- When did Pepperfry start?
- Pepperfry was founded in 2011.
- How old is Pepperfry?
- Pepperfry is 15 years old as of 2026.
Founding Story
Ambareesh Murty had run eBay India and Ashish Shah had led operations there. They launched Pepperfry in Mumbai in 2011 as a broad lifestyle store, then narrowed it to furniture and home goods, a category that big e-commerce players avoided because large items are hard to ship and assemble. Pepperfry built its own delivery and installation capability to make it work.
Founders
Ambareesh Murty
Ambareesh Murty co-founded Pepperfry in 2011 and led it as CEO for 12 years, building its omnichannel studio network and raising more than $300 million. He died of a cardiac arrest in Leh in August 2023, aged 51. Education: Delhi Technological University; Indian Institute of Management Calcutta. Ambareesh Vedantam Murty died on August 7, 2023. Before Pepperfry he was eBay's country manager for India. Ambareesh Murty was born in 1971.
Ashish Shah
Ashish Shah co-founded Pepperfry in 2011, served as COO, and has been CEO since September 2023. He led the company through cost cuts, the 2025 TCC Concept acquisition and a 2026 push into decor and B2B interiors. (Exact birth year remains publicly undisclosed).
Key Milestones
Pepperfry Founded in Mumbai
Ambareesh Murty and Ashish Shah found Pepperfry in Mumbai.
Source: en.wikipedia.orgFirst Studio Pepperfry Opens
First Studio Pepperfry experience centre opens, starting the omnichannel model.
Source: en.wikipedia.orgStudio network passes 200 outlets by March; FY23 revenue about $31.6 million (₹272 crore) with a ₹187.6
Studio network passes 200 outlets by March; FY23 revenue about $31.6 million (₹272 crore) with a ~$21.8 million (₹187.6 crore) loss and GDV of ~$130 million (₹1,117.5 crore).
Source: entrackr.comValued at about $375 million in July; Ambareesh Murty dies in Leh in August; Ashish Shah
Valued at about $375 million in July; Ambareesh Murty dies in Leh in August; Ashish Shah named CEO on September 5.
Source: economictimes.indiatimes.comFY24 Revenue Falls 30.6%
FY24 revenue falls 30.6% to ~$21.9 million (₹188.9 crore); loss narrows to ~$13.6 million (₹117.5 crore).
Source: economictimes.indiatimes.com$5.1 Million from Existing Investors
Raises $5.1 million from existing investors in June.
Source: entrackr.comTCC Concept signs a term sheet in September and a definitive agreement in October to
TCC Concept signs a term sheet in September and a definitive agreement in October to acquire about 99% of Pepperfry for roughly $76.6 million (₹660 crore) in shares.
Source: inc42.comDown Round Led by Morde Foods and SageOne
Raises ~$18.4 million (₹158.4 crore) in a down round led by Morde Foods and SageOne at ₹391 per share.
Source: entrackr.comPepperfry for Business Launches
Launches Pepperfry for Business and plans 55-60 new studios on a base of 110 in 65 cities.
Source: retail.economictimes.indiatimes.comMajor Acquisitions
Brandmakerr
2022Expand into commercial interior solutions.
Keep researching Pepperfry
Pepperfry Company History FAQ
What are the major milestones in Pepperfry's history?
Pepperfry was founded in 2011, opened its first studio in 2014, passed 200 studios by March 2023 and was valued at about $375 million in July 2023. Co-founder Ambareesh Murty died in August 2023 and Ashish Shah became CEO that September. In October 2025 TCC Concept agreed to acquire about 99% of the company for roughly $76.6 million (₹660 crore) in shares.
How did Pepperfry pivot from a horizontal marketplace to a furniture specialist in 2013?
In 2013, recognizing that fashion and electronics were commoditized and dominated by heavily funded players, the founders boldly eliminated non-home categories to focus entirely on furniture, home decor, and appliances where high margins and differentiation existed.
How did Pepperfry build PepKart into India's largest specialized furniture logistics fleet?
Starting in 2016, Pepperfry invested millions into building PepKart, creating a customized fleet of padded delivery trucks, automated transit hubs, and a dedicated team of 1,000+ trained carpenters who deliver and install furniture in a single visit across 500+ cities.
How has the Studio Pepperfry network changed over time?
Starting with one studio in 2014, Pepperfry grew to more than 200 outlets by March 2023, then cut back to about 110 in 65 cities by early 2026 (74 franchise-owned, 36 company-owned). It plans 55-60 new studios in 2026.
How did Pepperfry expand into mattresses with its Clouddio brand?
Recognizing that the Indian mattress market was transitioning from unbranded cotton gaddas to engineered memory foam and spring mattresses, Pepperfry launched Clouddio, offering 100-night risk-free home trials and vacuum-packed bed-in-a-box delivery.
What was Pepperfry's response to the COVID-19 pandemic real estate boom?
In 2020-2022, as remote work prompted millions of Indian professionals to upgrade their residential spaces, Pepperfry saw record sales in ergonomic study tables, orthopedic chairs, home entertainment units, and balcony garden furniture.
How did Pepperfry handle the passing of co-founder Ambareesh Murty in 2023?
Following Ambareesh Murty's sudden demise in August 2023, co-founder Ashish Shah was appointed CEO, existing investors reaffirmed confidence with a $23M funding round, and the company accelerated its timeline to operational EBITDA profitability.
What is Pepperfry's enduring historical legacy in the Indian retail sector?
Pepperfry fundamentally transformed Indian furniture retail, proving that consumers would buy high-value solid wood furniture online, organizing the fragmented artisan manufacturing clusters, and pioneering the omnichannel experience center model in India.
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