Ambareesh Murty, co-founder of Pepperfry, has tragically passed away due to a cardiac arrest in Leh. The news was conveyed by Ashish Shah, another co-founder of the online furniture store, through a tweet. Murty was 51 years old.
Heartfelt Condolences Pour In
Expressing his grief, Shah tweeted, “Extremely devastated to inform that my friend, mentor, brother, soulmate @AmbareeshMurty is no more. Lost him yesterday night to a cardiac arrest at Leh. Please pray for him and for strength to his family and near ones.”
Entrepreneur Swati Bhargava also took to Twitter to pay her respects: “So sad & shocking to hear of Ambareesh Murty’s sudden demise due to cardiac arrest. May his soul rest in peace. An amazing entrepreneur & inspiration to many… may his legacy with Pepperfry live on. RIP.”
Murty’s Journey in the Business World
Ambareesh Murty’s business journey began in 1996 when he joined Cadbury as a Sales and Marketing professional. He later ventured into the financial sector with roles at Prudential ICICI AMC and Levi’s. He then founded Origin Resources, a platform to aid Indian mutual fund companies.
The Birth of Pepperfry
Murty’s entrepreneurial spirit led him to co-found Pepperfry in June 2011 alongside Ashish Shah. The Mumbai-based startup operates as an online marketplace, specializing in home furniture and various other products. It secured its initial funding of $5 million from Norwest Venture Partners in December 2011.
Pepperfry continued to attract investment, raising nearly $240 million from investors such as Pidilite Ventures, Goldman Sachs Investments Partners, and others. The company’s last funding round in November 2021 saw investments from General Electric and the Mukesh Sharma Family Trust.
Pepperfry Legacy and Competition in the Market
Pepperfry’s journey was marked by growth and expansion, even as it faced competition from players like Home Centre, Urban Ladder, Furlenco, and Wakefit. The startup’s contributions to the online marketplace for furniture and its substantial fundraising efforts underscore Ambareesh Murty’s enduring legacy in the business world.
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