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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Goldman Sachs Group Inc | NYSE:GS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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7.28 | 1.68% | 439.8548 | 442.30 | 434.92 | 435.00 | 2,406,250 | 01:00:00 |
By Rick Carew
HONG KONG-- Goldman Sachs Group Inc. is betting on Indian shoppers buying their next sofa online.
The U.S. investment bank is leading a $100 million investment in Pepperfry.com, a top Indian online furniture and home-products marketplace, according to a person familiar with the situation.
Indian startups are capturing the attention of global investors who see promise in companies, such as Flipkart Internet Pvt. and Snapdeal.com, capturing market share in e-commerce. Goldman Sachs forecasts rapid growth for India's e-commerce market as the country catches up with other big economies. The Wall Street bank estimates India's e-commerce market is $20 billion today, just one-tenth of China's and a fraction of the U.S. market for online goods.
Online retailers Flipkart and Snapdeal have achieved multibillion-dollar valuations by offering venture capitalists a way to capture the increasing spending as more Indians get online through mobile phones and wider Internet access. They offer a wide range of goods, aiming to be a one-stop shop for consumers.
Pepperfry is part of a next generation of Indian e-commerce startups that focus on selling specific product lines to India shoppers, oftentimes manufacturing the products themselves. The company, founded in January 2012, not only markets the products through its site, it also employs carpenters and operates a fleet of over 350 delivery vehicles. Pepperfry plans to use the funds raised from the Goldman Sachs-led investment to expand its delivery fleet, open new distribution centers and expand its assembly services, according to the person.
Indian consumers have rushed to buy furniture from online retailers as big international furniture retailers don't have substantial operations in the country. Swedish furniture giant IKEA Group is producing rugs, towels and chairs and other homeware in India for export and now plans to start opening stores there. It has bought the land for the first outlet in the southern city of Hyderabad. IKEA doesn't have an opening date for the new store, but plans to open 25 locations in India by 2025.
Other investors participating in the Pepperfry deal include Zodius Technology Fund, Bertelsmann India Investments and Norwest Venture Partners, the person said. Bertelsmann India and Norwest Venture are existing investors in the company.
Eric Bellman contributed to this article.
Write to Rick Carew at rick.carew@wsj.com
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