Global private equity and venture capital news and research gets further $8m from Norwest Venture Partners

2 Apr 2013

india2_lrgIndian online retailer has received a further $8m from existing backer Norwest Venture Partners, taking its fundraising total to $13m.

The business, which was founded by former eBay country manager Ambareesh Murty, said it will use the funds to expand its merchant reach and promote its brand.

The latest round follows a $5m investment made by Norwest in December 2011 prior to the launch of the Pepperfry website.

Norwests invests between $10m and $15m in early stage companies and up to $100m in fast growing companies with significant revenues.

The firm’s recent activity included leading a $20m Series B round for cloud networking company Pertino a month ago.

In February Norwest led a $15m Series B funding round for US-based customer service specialist STELLAService and a $30m Series D funding round for California-based medical devices company Intersect ENT.

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