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Targeting a ₹5,000-crore turnover by 2020, Pepperfry plans to expand by entering the flooring segment, and has chalked out a vision to help build 20 million homes in three years.
The furniture and home produces marketplace has facilitated 5 million homes, and garnered a business of ₹1,000 crore last year, thanks to the growing furniture market in India, said Ambareesh Murty, CEO and founder, Pepperfry.
Valued at ₹20,000 crore, the organised furniture market is growing at 15 per cent. Murty attributes the growth to thriving nuclear families, rising consumption and forward-looking consumers with more exposure to home designs.
“However, 90 per cent of the furniture business in the country is in the unorganised segment and our business model is organising this market,” he told BusinessLine on the sidelines of the opening of the company’s first Studio Pepperfry here on Tuesday.
The new studio in Kochi is the 21st experience centre established in a span of two years and the company intends to take it to 50 by March next year, Murty said, adding that studios form an integral part of the strategy to build the largest omni-channel business in the furniture and home segment in India. Referring to the expansion of its offline presence across the country, he said the company has been receiving overwhelming response from South India, contributing 50 per cent to its overall furniture business. Bengaluru and Chennai, followed by Kochi, are the highest contributors to the business.
“In fact, Kochi has high value of products in the entire gamut of merchandises. Against an average order value of ₹18,000 in India, Kochi’s average size of furniture order was to the tune of ₹22,000”, he said.
Asked on future plans, Murty said: “We will shortly enter the flooring space; the philosophy is to provide all home furnishing materials under one roof.”
To facilitate tree plantation, he said the company has tied up with Grow Trees, a social enterprise that plants trees on government and community lands. Pepperfry has planted around 30,000 trees through this partnership.
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