Companies

Beauty platform Purplle raises $65 m from Premji Invest

Our Bureau Mumbai | Updated on November 22, 2021

Purplle has grown its GMV by six fold in the last three years and is currently at ₹1,200 crore run rate

Purplle.com has raised $65 million from Premji Invest. This investment comes weeks after a $75-million funding, led by Kedaara Capital, alongside Sequoia Capital India and Blume Ventures.

Manish Taneja, Co-founder, and CEO, Purplle.com, said, “The investment will leapfrog our efforts to offer women personalised beauty experiences, expand our wide range of innovative products, and drive penetration across the country. We plan to rapidly scale our private brands business and continue to build differentiated beauty brands with entrepreneurs. We will leverage exclusive Indian and international brand partnerships and fast-track acquisitions. Investments in content and community will be a key focus. We have nurtured some of the sharpest minds and will continue to build talent. With this strong year, we are well-positioned to build one of the largest beauty tech company from India.”

Premji Invest supports the growth of India’s booming consumer, financials, technology, and manufacturing eco-system. Investments of Premji Invest spans across consumer, financials, technology, and manufacturing and includes companies such as Fab India, ID foods, Lenskart, Policy Bazaar, Flipkart, First Cry, Best Value Chem and Shubham Housing.

Atul Gupta, Partner at Premji Invest, said, “ Democratising beauty will continue to be a dominant theme in India and customers today are looking for products that specifically cater to their skin and personal health and enhance their beauty. Purplle continues to build on that promise by integrating the requirements of the customer through careful analysis of customer usage data with unique and differentiated products and a great customer experience.”

Since its launch in 2012, Purplle has built a community-led platform backed by great quality, affordable beauty products. It has grown its gross merchandising value (GMV) by 6X in the last three years and is currently at ₹1,200 crore run rate. Purplle plans to deliver 6-8X growth in the next five years.

Published on November 22, 2021

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