Pepperfry, a furniture and home goods retailer, reported a 30.6% decline in operating revenue for FY24, totaling 188.9 crore rupee (US$21.68 million), according to company filings via Tofler.

Despite this decline, the firm narrowed its losses by 37.4%, resulting in a loss of 117.4 crore rupee (US$13.47 million).

The improvement was driven by reduced expenses, which fell to 326.7 crore rupee (US$237.5 million) in FY24 from 474 crore rupee (US$54.40million) in FY23.

Pepperfry generates about 97% of its revenue from commissions on product sales, with total revenue from goods and services at 183.9 crore rupee (US$21.11 million).

Founded in 2012, Pepperfry competes with major platforms such as Amazon, Flipkart, and Urban Ladder, which is owned by Reliance Industries.

Pepperfry previously considered an initial public offering (IPO), transitioning to a public company in 2022, but efforts to raise US$250 million to US$300 million have been delayed.

Recent Pepperfry developments