PEPPERFRY LAUNCHES THE ‘PEPPERFRY ACCELERATOR PROGRAM’, TO ESTABLISH OVER 200 STUDIOS IN A YEAR
AIMS TO DRIVE ENTREPRENEURSHIP ACROSS INDIA, THROUGH ITS NEW FRANCHISE PROGRAM
Pepperfry, India’s No.1 furniture and home products marketplace, announced the launch of its new franchise program – Pepperfry Accelerator Program. In line with its objective to build the largest omni-channel network in the country, through this initiative, the company aims to establish over 200 Studios in one year. The new FOFO (Franchise-owned and Franchise-operated) Studios will be launched in neighborhood markets across Metros, Tier 1 cities, Tier 2 cities and beyond.
Pepperfry has always propelled local entrepreneurship in India with its unique business model and, today, enables more than 10,000 merchants to do business on the platform. Through the newly crafted Pepperfry Accelerator Program, it aims to take this effort a notch higher by adding one entrepreneur a day for the rest of the year. Reaching out to the new generation with a message – ‘Build Your Own Business – Why work for anyone?’, the company is targeting the young and aspiring graduates who aim to start a business of their own with minimal investments, corporate employees with one to two years of experience, housewives looking to do business locally as well as small-medium business owners who are looking to expand beyond their own market.
Similar to its current franchise model, FOFO Studios launched through the Pepperfry Accelerator Program will be based on 100% price parity and does not require the partner to hold product inventory, making it a mutually beneficial business association. Pepperfry also offers a revenue structure wherein the franchise owners can benefit by earning a commission of 15% on each online transaction made via the franchise studio. However, the big differentiator of the new program is the Capex required by franchise partners, which is around INR 15 lakhs, one-third as compared to the existing franchise program. Through this program Pepperfry is looking to reach the neighborhood markets and will target to be present through its Franchisee in markets with more than 5000 residential apartments.
Talking about the launch of the program, Ashish Shah, Co-founder & COO, Pepperfry said, “Omnichannel has always been an integral part of our growth strategy and our existing franchise program has helped us expand our offline footprint by creating several touchpoints across major metros and TIER II cities. Taking cognizance of the shift from offline to online among consumers during the COVID-19 era, we aim to further our network across markets, with this new program, and add many more partners in our growth story by providing them with a strong base to build a profitable business. This low-investment, high return program will serve as a great opportunity for first-time entrepreneurs who want to take the leap but don’t know where to begin; we are committed to walk every step with these young entrepreneurs to make them successful”.
Amruta Gupta, Head of Franchisee Expansion added, “We have continued to receive an overwhelming response to our existing franchise program after the lockdown last year and opened 20 new Franchisee Studios in last 6 months, which is a testimony of the model and the opportunity it presents. We are very excited about what this power of local entrepreneurship can present and with the new Pepperfry Accelerator Program, we are looking to enable hundreds of new entrepreneurs across the country.”
Studio Pepperfry has evolved to become a key consumer touchpoint with an average contribution of more than 30% to the overall business. Pepperfry currently has 73 Studios in 40 cities, of which 32 Studios are Franchisee Owned.