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Exclusive: Pepperfry to secure fresh funds from existing investors

EntrackrEntrackr · 2m ago
Exclusive: Pepperfry to secure fresh funds from existing investors
Medial

Exclusive: Pepperfry to secure fresh funds from existing investors Omnichannel furniture brand Pepperfry is raising Rs 43.3 crore (approximately $5.1 million) from existing investors including General Electric Pension Fund, Norwest Venture Partners, Goldman Sachs, Panthera Growth Partners, and others. This funding follows its $23 million round raised in September 2023 from the same investors. The Pepperfry’s board passed a resolution to approve the issue of 5,59,463 compulsory convertible preference shares at an issue price of Rs 775 each to raise the aforementioned sum, its regulatory filings accessed from the Registrar of Companies (RoC) show. General Electric will lead the funding with Rs 21.5 crore ($2.5 million) followed by Norwest Venture Partners and Panthera Growth Partners who will infuse Rs 8.52 crore and Rs 6.45 crore, respectively, to increase their stakes in the company. Goldman Sachs, Erste WV Gutersloh GmbH, and Growth Equity Opportunity Fund Cayman Holdings Ltd will cover the rest of the funding amount. According to the filing, the company will utilize the proceeds from this funding for growth, expansion, and general corporate purposes. As per Entrackr estimates, Pepperfry will be valued at Rs 3,120 crore or $367 million (post-allotment). Pepperfry operates on a marketplace model across both online and offline channels. Offering a catalog of over 10,000 products, it connects customers with leading brands like Godrej, Springfit, and Spacewood. The company claims to have a retail presence of more than 200 studios spread across 100+ cities. According to startup data intelligence platform TheKredible, the Mumbai-based company has raised over $270 million to date from investors including Norwest Venture Partners, General Electric, Broad Street Investment, Pidilite, and others. For the fiscal year ending March 2024, Pepperfry’s operating revenue declined 30% to Rs 189 crore while narrowing its losses by over 37% to Rs 117.5 crore during the same period. Pepperfry competes with other heavily funded furniture brands including Reliance-acquired Urban Ladder, which secured over $100 million in funding, and Wooden Street, which raised $77 million funding.

Altum Credo raises $40 Mn in Series C, provides partial exit to early backers

EntrackrEntrackr · 1y ago
Altum Credo raises $40 Mn in Series C, provides partial exit to early backers
Medial

Housing finance company Altum Credo has scooped up $40 million in its Series C funding round led by Z3Partners and Oikocredit. The financing round also saw participation from British International Investment, and existing investors Aavishkaar Capital, Amicus Capital and PS Pai and family. Altum Credo has raised $27 million in equity and facilitated partial exit to Series A investors of $13 million, the company said via press release. The Pune-based company had previously raised $9.8 million in Series A and $12 million in Series B in 2021. The company plans to use the fresh proceeds to achieve AUM growth by strengthening its distribution network and expanding its operation to more cities. Altum Credo provides financial accessibility for first home buyers across semi-urban and rural areas of India. It provides home loans in the range of Rs 4 lakh to Rs 40 lakh for a tenure of 5-20 years. The company added that the average ticket size of the home loan portfolio is at Rs 8.5 lakhs with a tenure of 15 years. With loan-to-value ratio below 50%, the average value of the properties funded is around Rs 15-25 lakhs. Altum Credo largely focuses on unserved and under-served segments, targeting first time homeowners. As of March 2024, Altum Credo had an AUM of Rs 830 crore ($ 100 million) with 93% of their customers belonging to the economically weaker section (EWS) or low-income group (LIG) category. As per startup data intelligence platform TheKredible, Altum Credo’s revenue from operations scaled 102.4% to Rs 67.2 crore in FY23. Significantly, its profit shot up 99% which stood at Rs 8.95 crore during FY23. It is yet to file FY24 financials. Besides, Altum Credo, Aviom, Easy Home Finance, Basic Home Loan, Andromeda also operate in similar space. Venture capital firm Z3 Partners announced the final close of its Fund at Rs 550 crore in January last year. Earlier this week, it invested $9 million in quick service restaurant chain Wow! Momo.

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