Furniture brand Pepperfry reported a revenue of Rs 272.3 crore in the fiscal year ending March 2023, reflecting a modest 10 per cent growth, signalling success in its omnichannel expansion strategy.
Despite a marginal increase in total expenses to Rs 474 crore, the Mumbai-based firm narrowed its losses to Rs 187.6 crore from Rs 194 crore in the previous year.
Following the untimely demise of its Co-founder and CEO Ambareesh Murty in August this year, Chief Operations Officer Ashish Shah assumed the CEO role.
Pepperfry acknowledged Shah’s crucial role in shaping the company’s customer-centric strategy and operational strengths.
After the leadership transition, Pepperfry secured USD 23 million in funding, affirming the investors’ confidence in its trajectory toward profitability.
The funding, coupled with a focus on reducing advertising and promotion costs, brings Pepperfry closer to achieving profitability, according to statements released in September.
