Ecommerce Beauty Platform Purplle bags $60 million from Premji Invest
Purplle, an e-commerce beauty platform, has raised $60 million from Premji Invest, Wipro founder-chairman Azim Premji's family fund, valuing the direct-to-consumer brand at $630 million, according to regulatory filings.
Last week, Kedaara Capital made a $75 million investment in the company. Purplle may use the additional capital to make acquisitions and expand its offline retail presence.
According to insiders familiar with the company's ambitions, the online beauty marketplace is in talks to buy a controlling position in premium cosmetics and skincare firm Faces Cosmetics and is considering a number of other tuck-in acquisitions to expand its presence in the beauty field. Good Vibes, NY Bae, and Purplle are some of the company's own beauty brands.
In March, the company raised $45 million (about Rs 330 crore) from new and existing investors, including Sequoia Capital India, Verlinvest, Blume Ventures, and JSW Ventures. At the end of 2019, it has raised $30 million in Series C funding sponsored by Goldman Sachs.
Purplle was founded in 2012 by Manish Taneja and Rahul Dash and has a monthly active user base of seven million. According to the company, the beauty e-tailer sells over 1,000 brands and approximately 50,000 goods on its website and app.
Purplle is mostly an online platform, although its private-label Good Vibes is available in retail outlets across India, particularly in eastern India.
Taneja estimates that Good Vibes makes around Rs 150 crore in sales. In-house labels account for about one-third of Purplle's total revenue. Purplle was a finalist in The Economic Times Startup Awards 2021's Comeback Kid category.
Over the last few months, the beauty industry has been buzzing. Nykaa, an omnichannel cosmetics shop that had a strong market debut last week, purchased skincare brand Dot & Key earlier this year. The Moms Co., a baby and mother care business, was recently purchased by Good Glamm Group, and the company is rumoured to be in advanced talks to buy premium cosmetics brand St Botanica.
Mamaearth, a direct-to-consumer personal care business, has secured $50 million in a round-headed by Belgian investment firm Sofina Ventures, valuing the D2C brand at $730 million.
Last week, Kedaara Capital made a $75 million investment in the company. Purplle may use the additional capital to make acquisitions and expand its offline retail presence.
According to insiders familiar with the company's ambitions, the online beauty marketplace is in talks to buy a controlling position in premium cosmetics and skincare firm Faces Cosmetics and is considering a number of other tuck-in acquisitions to expand its presence in the beauty field. Good Vibes, NY Bae, and Purplle are some of the company's own beauty brands.
In March, the company raised $45 million (about Rs 330 crore) from new and existing investors, including Sequoia Capital India, Verlinvest, Blume Ventures, and JSW Ventures. At the end of 2019, it has raised $30 million in Series C funding sponsored by Goldman Sachs.
Purplle was founded in 2012 by Manish Taneja and Rahul Dash and has a monthly active user base of seven million. According to the company, the beauty e-tailer sells over 1,000 brands and approximately 50,000 goods on its website and app.
Purplle is mostly an online platform, although its private-label Good Vibes is available in retail outlets across India, particularly in eastern India.
Taneja estimates that Good Vibes makes around Rs 150 crore in sales. In-house labels account for about one-third of Purplle's total revenue. Purplle was a finalist in The Economic Times Startup Awards 2021's Comeback Kid category.
Over the last few months, the beauty industry has been buzzing. Nykaa, an omnichannel cosmetics shop that had a strong market debut last week, purchased skincare brand Dot & Key earlier this year. The Moms Co., a baby and mother care business, was recently purchased by Good Glamm Group, and the company is rumoured to be in advanced talks to buy premium cosmetics brand St Botanica.
Mamaearth, a direct-to-consumer personal care business, has secured $50 million in a round-headed by Belgian investment firm Sofina Ventures, valuing the D2C brand at $730 million.
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