IPO-Bound Pepperfry Appoints Two Independent Directors To Its Board

Online furniture marketplace Pepperfry has appointed two independent directors–Sanjay Baweja from OnMobile Global and Malini Parmar from Stonesup.in to its board. 

With these appointments, Pepperfry’s board is now comprised of three executive and four non-executive directors.

“It is great to have transformative leaders like Malini and Sanjay join our board. Their insights into strategy, environmentally sustainable growth, and risk management will help us innovate to create more value for our customers, business partners, shareholders, and communities,” said Ambareesh Murty, cofounder and CEO of Pepperfry.  

Sanjay Baweja holds more than 34 years of experience working in diverse industries– technology, telecommunications, and real estate. Prior to joining Pepperfry’s board, he worked with Bhartiya Group, Xerox, Emaar MGF, Bharti Airtel, Suzlon, Flipkart, and Tata Communications. Besides, he is also a member and associate of ICAI (The Institute of Chartered Accountants of India).

Meanwhile, Malini Parmar holds over 14 years of experience in the IT industry. Prior to joining Pepperfry’s board, she worked with HCL, Infosys, and Wipro. At present, she is running a social enterprise called Stonesoup.in. 

She is an active participant in various social campaign groups including SWMRT, 2Bin1Bag, Swachagraha, Period Love, Bleed Green–to name a few. This year, she was also awarded by NITI Aayog for 75 Women Transforming India.

The latest development comes two months after Pepperfry acquired interior designing startup Brandmakerr to foray into the commercial interior designing space.

In July, Pepperfry rejigged its business structure and also, changed its domicile from Cayman Islands to Mumbai. 

In May, Pepperfry converted itself into a public company, which is one of the crucial moves for companies planning for IPO listing. 

It was earlier reported that Pepperfry was looking to file DRHP with SEBI and also, raise approximately $300 Mn through IPO listing. However, the startup seems to have delayed its IPO plans after seeing the poor performance of new-age companies such as Paytm, Policybazaar and Zomato on the stock exchange.

In the financial year 2021, Pepperfry reduced its operating revenue by 14% to INR 203.4 Cr as compared to INR 236.3 Cr clocked in the corresponding period of yesteryear. Besides, it also trimmed losses by 61.6% to INR 47.2 Cr in FY21 against INR 122.8 Cr recorded in FY20.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.