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SAM, CAM, S&R furnish Pepperfry with $39m from US-based State Street Global Advisors

Online furniture and home marketplace, Pepperfry, owned by Mumbai-heaquartered TrendSutra Platform Services has raised Rs 250 crores (around $38.5m) in a fresh round of funding led by US-based asset management company State Street Global Advisors, as reported by VC Circle and Mint. With the current investment the asset management arm of State Street Corporation will be joining Pepperfry’s existing investors including Norwest Venture Partners, Goldman Sachs, Bertelsmann India Investments and Zodius Capital.

Shardul Amarchand Mangaldas advised Pepperfry on all legal aspects of the transaction including carrying out vendor due diligence, reviewing, negotiating and finalization of the transaction documents and was represented by their private equity group of the general corporate practice team, led by partner Siddharth Nair, along with senior associate Asmita Mishra, and associates Garima Jain and Shachi Singh.

Cyril Amarchand Mangaldas acted as the Indian legal counsel to State Street Global Advisors in the fundraise.

Schulte Roth & Zabel acted as international counsel to State Street Global Advisors.

Walkers Global was the other legal advisor in relation to the transaction.

Update 29 May 2019: S&R Associates advised Bertelsmann India Investments led by a team of partner Rachael Israel and associate Jagriti Mohata.

Founded in 2012 by Ambareesh Murthy and Ashish Shah, Pepperfry is said to have has raised over Rs 1,200 crores since its inception and the recent fundraising by State Street Global Advisors is reported to be the highest amount of capital raised by an e-commerce furniture and home products company in India till date. It was also reported that the fresh capital will be used to expand the company’s experience centres in tier 2 cities, invest in AR and VR technology for virtual touch and feel, and enhance the private brand franchise in preparation for its next financial milestone of an IPO.


This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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