Beauty and Cosmetic Brand Purplle Secures $75 Million from Blume & Others
Purplle.com, one of India's top online beauty destinations, has secured $75 million in capital from Blume Ventures, Sequoia Capital India and Kedaara. This comes six months after Sequoia Capital India, JSW Ventures, Blume Ventures and Verlinvest supported the company with a $45 million investment. The money will help the firm achieve its objective of 6-8 times growth in the following five years.
Manish Taneja, co-founder and CEO of Purplle.com said, “we are excited to partner with Kedaara, as they venture into the beauty e-commerce industry. Being one of the marquee investors in India, Kedaara’s rich experience across consumer and tech will empower us in our next phase of growth. With this investment, we will strengthen our technological capabilities, deepen our talent pool, introduce new and innovative products and brands, invest in entrepreneurs building differentiated beauty offerings, and create a treasure chest for potential acquisitions.”
Purplle has achieved market-leading growth and continues to establish a unique platform centred on the idea of revolutionising Beauty and Personal Care across India, according to Sunish Sharma, co-CEO and managing partner at Kedaara, and Anant Gupta, managing director at Kedaara.
Sharma and Gupta said, “we believe Purplle offers a unique value proposition and a superior customer experience and will continue to have strong tailwinds for a long time. We are very excited with our new investment in the consumer-tech space and look forward to working closely with the Purplle team in helping them realize their vision.”
Purplle is on a rapid development path, having increased its GMV (gross merchandise value) by six times in the previous three years. Even with a Covid year, the firm generated a GMV CAGR of more than 90% over the previous three years. Purplle is one of the major employers in the beauty sector, employing around 1300 people across numerous functions.
The firm will continue to develop strong and exclusive collaborations with both local and worldwide companies in order to create a community-led platform with high-quality and inexpensive items. Purplle's position will be strengthened further as it grows to become a worldwide multibillion-dollar beauty corporation from India. IndigoEdge was the transaction's primary adviser.
Purplle.com, which was founded in 2012, claims to have about 7 million monthly active users. On its website and app, the beauty e-tailer offers over 1000 brands and approximately 50,000 goods.
Purplle expects the money to help it compete with conventional players and online beauty platforms like Nykaa, MyGlamm, and Myntra. According to data site Statista, India's beauty and personal care (BPC) industry, which was valued at $25.9 billion in 2020, is expected to reach $32.7 billion by 2023, rising at an 8.1% Compound Annual Growth Rate (CAGR).
Manish Taneja, co-founder and CEO of Purplle.com said, “we are excited to partner with Kedaara, as they venture into the beauty e-commerce industry. Being one of the marquee investors in India, Kedaara’s rich experience across consumer and tech will empower us in our next phase of growth. With this investment, we will strengthen our technological capabilities, deepen our talent pool, introduce new and innovative products and brands, invest in entrepreneurs building differentiated beauty offerings, and create a treasure chest for potential acquisitions.”
Purplle has achieved market-leading growth and continues to establish a unique platform centred on the idea of revolutionising Beauty and Personal Care across India, according to Sunish Sharma, co-CEO and managing partner at Kedaara, and Anant Gupta, managing director at Kedaara.
Sharma and Gupta said, “we believe Purplle offers a unique value proposition and a superior customer experience and will continue to have strong tailwinds for a long time. We are very excited with our new investment in the consumer-tech space and look forward to working closely with the Purplle team in helping them realize their vision.”
Purplle is on a rapid development path, having increased its GMV (gross merchandise value) by six times in the previous three years. Even with a Covid year, the firm generated a GMV CAGR of more than 90% over the previous three years. Purplle is one of the major employers in the beauty sector, employing around 1300 people across numerous functions.
The firm will continue to develop strong and exclusive collaborations with both local and worldwide companies in order to create a community-led platform with high-quality and inexpensive items. Purplle's position will be strengthened further as it grows to become a worldwide multibillion-dollar beauty corporation from India. IndigoEdge was the transaction's primary adviser.
Purplle.com, which was founded in 2012, claims to have about 7 million monthly active users. On its website and app, the beauty e-tailer offers over 1000 brands and approximately 50,000 goods.
Purplle expects the money to help it compete with conventional players and online beauty platforms like Nykaa, MyGlamm, and Myntra. According to data site Statista, India's beauty and personal care (BPC) industry, which was valued at $25.9 billion in 2020, is expected to reach $32.7 billion by 2023, rising at an 8.1% Compound Annual Growth Rate (CAGR).
