Companies

Beauty start-up Purplle.com closes $45 million equity investment

Our Bureau Bengaluru | Updated on March 23, 2021

IvyCap Ventures partially exits with 22x gains

Online beauty destination Purplle.com closed a $45 million equity investment from Verlinvest, Sequoia Capital India, Blume Ventures, and JSW Ventures.

Early stage investor IvyCap Ventures has partially exited with 22x gains.

While the three existing investors reinforced their commitment, Purplle welcomed Sequoia Capital India in this round. The investment will further bolster the brand’s ambition to deliver 8-10 times growth in the next 4-5 years.

“We are excited to partner with Sequoia Capital India, as they foray into the online beauty industry. Reinvestment from Verlinvest, JSW Ventures, and Blume Ventures is a testament to the conviction of our investors. Purplle has been on a robust growth trajectory. Even with a Covid year, we have delivered >90 per cent GMV CAGR for the last three years. This, while scaling our private brands successfully. Good Vibes is already an Rs 150 crore brand. The investment will help to shape Purplle into a multibillion-dollar, digital-first, beauty and personal care enterprise” said Manish Taneja, co-founder and CEO, Purplle.com, in a statement.

Founded in 2012, Purplle.com is one of India’s largest e-beauty destinations with 7 million monthly active users. The beauty e-tailer has over 1000+ brands with nearly 50,000 products, available on its website and app. The company raised Series C funding at the end of 2019 from Goldman Sachs and Verlinvest. Purplle signed Sara Ali Khan as its first brand ambassador, rolling out the #GoPurplle campaign in January.

“We are seeing a growing trend towards the gentrification of e-commerce in India. Consumers are making a clear distinction between distribution platforms and brands that are more relevant to them. We are excited to partner with Purplle as we believe they have cracked the beauty playbook of value retailing with 3 key tenets – a business built on high retention and low customer acquisition cost (CAC), a wide assortment of brands offering quality at best prices, and an attractive private label portfolio mix. We see Purplle emerging as a dominant beauty destination as the online beauty penetration grows from 10 per cent to 25 per cent over the next decade,” said Sakshi Chopra, Principal, Sequoia India.

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Published on March 23, 2021
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