As part of the restructuring the founders have relocated Pepperfry in Cayman Islands to Mumbai
Furthermore the company has been able to hire independent directors
It plans to submit an initial IPO prospectus SEBI this year.
Furniture marketplace online Pepperfry has begun rearranging its structure of business while getting ready to make its debut on stock exchanges.
As part of the restructuring, the founders Ambareesh as well as Ashish Shah have returned to the country of Pepperfry in the Cayman Islands to Mumbai, Times of India reported.
The founders had previously planned to sell Pepperfry within the US and also registered the company in the Cayman Islands. The original idea was to have an initial list with the US. But, since a foreign-registered business isn’t able to launch An initial Public Offering (IPO) in India Pepperfry has altered its plan.
Furthermore the company is also hiring independent directors because it is a requirement for unlisted public companies to allocate at least 33% of their directorships for independent directors when the chairperson is an independent director.
The startup based in Mumbai is looking to raise $300 million via the selling new stock and an additional sale of its shares. The company plans to prepare the draft IPO prospectus with the Securities and Exchange Board of India (SEBI) in the coming year.
It was founded on January 12, 2012, by the duo of Ambareesh Mutty as well as Ashish Shah. Pepperfry is a furniture retailer that also sells household products like mattresses, bar and dining furniture carpets, kitchen appliances, outdoor and garden and outdoor furniture, among other. However it has also established an offline presence using franchise models.
It was May of this year that the start-up transformed into a publicly-owned company following the adoption of the resolution. It was also changed to Pepperfry Limited after the conversion.
In November of last year, Pepperfry raised around $40 million in a debt financing round with Norwest Venture, General Electric Pension Trust and other sources. The company has raised $245.3 Million to the date of this article.
Pepperfry reduced their losses to 61.6 percent up to 47.2 Cr for FY21 contrasted with INR 122.8 Cr in FY20. However, operating revenue decreased by 14 percent up to 203.4 Cr in FY21, down after an INR 236.3 Cr during FY20.