Pune-based TCC Idea mentioned its board has permitted the acquisition of Pepperfry, an omnichannel furnishings and residential items platform, in a share swap deal, based on change filings on Tuesday.
The corporate had earlier, on September 19, introduced signing a time period sheet to amass as much as your entire shareholding of Pepperfry, topic to due diligence, execution of definitive agreements, and different situations.
On the time, TCC, a small-cap actual property firm, mentioned the proposed deal was geared toward strengthening its presence within the ecommerce and digital market area, whereas complementing its deal with technology-driven shopper platforms.
TCC mentioned the acquisition of Pepperfry aligns with its technique to construct scaled digital marketplaces with robust model recall.
“Pepperfry is an iconic digital-first model that mirrors our ambition to construct scaled, technology-enabled shopper platforms. This acquisition aligns with TCC’s roadmap to deepen our presence in high-engagement classes and unlock operational synergies throughout product growth, knowledge and provide chain,” mentioned Umesh Sahay, Managing Director, TCC Idea, in a submitting.
He added, “Our instant precedence is to speculate to develop assortment, assist international enlargement, enhance pace and improve the omnichannel expertise. We’re excited to companion with the founder, Ashish Shah and again him to proceed constructing the platform for Furnishings and Residence Items for the World.”
Pepperfry CEO Ashish Shah mentioned the partnership will enable the corporate to develop its catalogue, enhance fulfilment, and improve its omnichannel expertise whereas persevering with to function underneath its present model. Throughout the course of, Pepperfry is anticipated to stay operational.
The transaction follows a interval of gradual progress for Pepperfry, which reported a decline in working income in FY24 because it centered on decreasing losses by way of price controls. Earlier in June, the corporate raised funding from Normal Electrical Pension Belief and present traders to assist its operations and progress plans.
Coortus Advisors acted as unique deal and tax advisor, whereas Khaitan & Co served as transaction counsel for TCC Idea.
Edited by Suman Singh
