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Online beauty platform, Purplle.com on Friday said it raised $75 million in a funding round led by Kedaara along with Sequoia Capital India and Blume Ventures.
This comes six months after a $45 million funding backed by Verlinvest, Blume Ventures, JSW Ventures and Sequoia Capital India.
Next phase of growth
The company said this investment will “augment its goal to deliver 6-8 times growth” in the next five years.
Manish Taneja, Co-founder and CEO, Purplle.com, said, “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.”
Founded in 2012, the beauty e-tailer has seven million monthly active users and sells over 1,000 brands with nearly 50,000 products through its website and app.
Democratise personal care
In a joint statement, Sunish Sharma, Co-CEO & Managing Partner at Kedaara, and Anant Gupta, Managing Director at Kedaara, said that Purplle.com continues to build a unique platform focused on the ethos of democratising beauty and personal care across India.
Also see: Nykaa IPO: why the personal care e-tailer gets higher valuation than other bluechip unicorns
“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,” they added.
Robust growth
The company said that it is on a “robust growth trajectory”, having grown its GMV by 6x in the last 3 years. It added that with a vision of creating a community led platform, it will continue to focus on strong and exclusive partnerships with both domestic and global brands.
“This investment will further strengthen Purplle’s position as it scales to build a global multibillion-dollar beauty company from India,” it added.
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