Pepperfry has planned to venture into the flooring market by targeting a ₹5,000-crore turnover by 2020 and has also drafted an aim to help build 20 million homes in three years.
The company garnered a business of ₹1,000 crore in the year 2016 all because of the growing furniture market in the country while facilitating 5 million homes, says the CEO and founder, Pepperfry, AmbareeshMurty. He also attributes the growing number in nuclear families as the reason behind the growth, with the organised furniture market, growing at 15 per cent, being valued at ₹20,000 crore.
Currently though, 90 per cent of the furniture business existing in the country is under the unorganised section, added Murty. The company’s first Studio Pepperfry is now open in Kochi. It is the 21st experience centre established in a span of two years with the company aiming at taking the numbers to 50 by March 2018. Murty also added that studios form an integral part of the strategy to build the largest omni-channel business in the furniture and home segment in India. The studios, he says, in the South, specifically, 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, adding that they would venture into the flooring segment soon as they want to provide all home furnishing materials under one roof.
To help the same, 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.