India-based online retailer Pepperfry, has begun talks with investors over a series D round that will be sized between $70m and $80m, the Hindu Business Line reported on Friday
Pepperfry, which counts media company Berteslmann among its backers, hopes to close the round by May 2015 and expects to secure funding from new and existing investors, although it has not disclosed any names.
The company previously raised $16.1m in a series C round featuring Bertelsmann and Norwest Venture Partners India, which invests on behalf of financial services firm Wells Fargo. Norwest also provided $8m for Pepperfry’s series B round in 2013 and $5m for its series A in 2011.
The series D capital would fund the company through to December 2016, when Pepperfry expects its lifestyle e-commerce business to be profitable.
Pepperfry will use the funding to set up 19 studios across India that will display between 50 and 60 pieces of furniture with designers on hand to provide free walk-in consultation to customers. It will also hire an additional 350 employees, as well as 800 logistics staff.