Eyeing expansion, the Indian online furniture seller Pepperfry plans to go public by filing its draft papers for an Initial Public Offering (IPO) in the October-December quarter. The company looks to be listed sometime next year.
The Goldman Sachs-backed startup postponed its IPO plan earlier this year due to an adverse market. As per reports the company is in talks to raise about $250-$300 million via slated IPO. The company will however, take a final call on the matter by November.
The company has appointed JP Morgan and ICICI Bank to lead the IPO effort. The ecommerce platform was last valued at around $500 million when it raised capital in 2020. Pepperfry – among the last few standalone online furniture platforms – said revenue from operations grew over 22% to about Rs 247 crore in FY22.
This came on a drop in the metric by 10% in FY21 because of Covid-19. Pepperfry earns revenue from the commissions it charges for sales on its platform.
The company posted a gross merchandise value (GMV) of Rs 1,185 crore in FY22. Losses increased by 83% to Rs 194 crore in the same period.
While Pepperfry is in fray to get listed many tech companies have put their public market listings on hold. Healthtech startup Pharmeasy recently decided to withdraw its IPO application despite Sebi’s clearance, citing market conditions, while SoftBank-backed Oyo Hotels and Homes and ecommerce company Snapdeal have yet to get the capital markets regulator’s nod to go public.