Furniture retailer Pepperfry has delayed its IPO plans.

Pepperfry Delays IPO to Focus on Growth

Pepperfry, a prominent player in the online furniture market, has decided to postpone its IPO plans to concentrate on reviving growth, according to founder and CEO Ashish Shah. The company, which aimed to raise $250-300 million through the IPO and had been in discussions with bankers for the past year, experienced flat revenues recently. As a result, it is now prioritizing growth and profitability for the current financial year.

Financial Performance

In FY23, Pepperfry’s revenue grew slightly to Rs 272 crore from Rs 247 crore in FY22, despite a slowdown in discretionary spending. The company’s losses in FY23 were Rs 187 crore, down from Rs 194 crore in FY22. While the FY24 financials are yet to be disclosed, Shah noted that the company has managed to cut its cash burn by a third compared to 2023. For FY25, Pepperfry aims for an annual growth rate of 10-15%, with a greater emphasis on the home decor segment.

IPO Landscape

While Pepperfry has delayed its IPO, other startups are moving forward with their public offerings. Sebi has approved IPO proposals from companies like Unicommerce, Firstcry, and Ola Electric. Additionally, Swiggy and Mobikwik have submitted draft IPO papers to the regulator.

BlackBuck's IPO Filing

Truck aggregator BlackBuck, backed by Accel and Flipkart, has filed a draft red herring prospectus with Sebi to raise Rs 550 crore through a fresh issue of shares. The public issue will also include an offer for sale of 21.6 million shares by existing shareholders.