Online furniture store Pepperfry has announced that it has raised Rs.35 crore in fresh funding from InnoVen Capital, a leading venture debt and specialty lending firm. This marks the third investment by InnoVen Capital in Pepperfry since 2017.

Neelesh Talathi, CFO, Pepperfry says, "Our business has seen strong momentum through Covid and we continue to make good progress towards achieving profitability and managing cash flows".

He further adds, "These funds will be used to increase our footprint across the country and capitalise us even beyond achieving profitability".

The Pepperfry managed marketplace helps thousands of entrepreneurs and merchants sell to millions of discerning customers across India and the world.

Sameer Mansukhani, Senior Director, InnoVen Capital India states, "We have seen Pepperfry grow and emerge as a category leader, while adding new capabilities and product offerings on its platform".

He continues, "They have built a strong brand and this investment reaffirms our commitment to back high performing portfolio companies across their life cycle".

According to earlier media reports, Pepperfry aims to launch 20 franchisee-owned and franchisee-operated (FOFO) experience Studios across Tier-2 and -3 cities this year.

Recovered from initial losses in the pandemic-hit year, the company has big plans for 2021.