Norwest Venture Partners-backed ecommerce startup Pepperfry is announcing the launch of Pepperfry Auctions for furniture and home shoppers. The auctions will present an opportunity to shoppers to win items at the price they wish to pay. The auctions feature, currently in pilot, went live yesterday.
Handpicked by the Pepperfry team, the furniture and home merchandise on auction is a mix of functional and hard to find designs. Customers have a chance to place bids for a bench, a vintage style writing table, a slim book shelf, a Buddha statue, a wall mirror with storage and a wood planter amongst others. The winning bidder is legally bound to pay up within 72 hours.
“Pepperfry Auctions add excitement and provide a bit of an adrenaline rush to our customers. This is a test pilot to help customers engage with the Pepperfry brand. Other categories such as electronics and apparel have bargain sales and there are ready price references available that indicate the amount of savings. In furniture and home items the value is not only in the material and quality but also in the design and the concept, so auctions provide a fantastic opportunity for our customer to discover a price and also pay only what they wish as per the value they perceive,” Kashyap Vadapalli, CMO at Pepperfry said in a press release.
Founded in 2011 by Ambareesh Murthy and Ashish Shah, Pepperfry is one of the earliest ecommerce companies in India to adopt the marketplace model to do business. The company raised a $5 million Series A round from Norwest in late 2011 and followed with a $8 million Series B round from the same investor in April this year.
Read our April interview with Ambareesh Murthy on the marketplace model.
Image credit: Pepperfry