Info-tech

Online beauty platform Purplle raises $30 m in Series-C round

KR Srivats New Delhi | Updated on December 13, 2019 Published on December 13, 2019

The funding round was led by Goldman Sachs

Goldman Sachs, a global investment bank, along with other investors have invested $30 million in beauty and personal care e-commerce platform Purplle.com in a Series-C funding round.

This investment round, which was led by Goldman Sachs, also included participation from existing investors IvyCap Ventures, Blume Ventures and JSW Ventures.

This Series-C fund mop up marks Purplle’s largest institutional fund raise since its launch in 2012.

Purplle.com’s co-founder and CEO, Manish Taneja, said: “This investment from Goldman Sachs is a testament to the promise and potential of Purplle. This new funding will help propel the business to its next phase of growth for our customers and investors.” It is estimated that the $-7 billion Indian online beauty and personal care market is growing at over 15 per cent compounded annual growth rate (CAGR), driven by increasing awareness of the category and penetration in tier-2 and tier-3 cities.

Purplle has seen strong growth with revenue and orders growing by 100 per cent year-on-year while being managed with financial discipline. The company has turned a cash profit since 2018. The company has been highly capital-efficient by raising only $10 million over the past six years.

Niladri Mukhopadhyay, a Managing Director at Goldman Sachs, said: “Purplle, which has managed impressive growth while applying financial discipline, is one of the most promising vertical e-commerce platforms in India. We look forward to leveraging our global experience and network for the continued growth of Purplle.”

Published on December 13, 2019
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