Armed with fresh funds amounting to R210 crore, Mumbai-based online furniture marketplace Pepperfry has drawn up a three-pronged strategy to expand its business. The company, which claims close to 50% market share in the online furniture market, is planning to expand its network of concept stores, supply chain and double headcount at its technology team.
Pepperfry, owned by Trendsutra Platform Services, aims to grow its network of concept stores to nearly three times to 30 stores by end of 2017. Currently, it has 11 stores across five major metro cities. These stores called Studio Pepperfry are not used as sales outlets but to catch the attention of potential customers who want to have a touch and feel experience, a top company official said.
“It enables to engage our potential customers into a great conversation. We have design specialists at these stores who will help customers select what they want and help us establish our business,” Ambareesh Murty, founder and CEO, Pepperfry.com told FE.
He said the company aims to reach out to top 20 cities with high purchasing power by end of December 2017. In some cities like Delhi, Bengaluru, Chennai and Mumbai, it aims to open multiple stores. Also, it aims to reach out to tier-3 and 4 cities. Some of the new cities where Pepperfry plans to open stores are Ahmedabad, Chandigarh, Hyderabad, Kochi, Lucknow, Mangaluru and Kolkata among others.
“We are now present in five metros and will open our first store in Kolkata later this year. By end of December 2016 we will open five more stores to reach a network of 16 and double it by end of 2017. In Bengaluru, we will open two more stores this year,” Murty said.