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Purplle.com Brings Premji Invest in its $ 65 Million Fundraise

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Purplle.com raises $ 65 million nudging Premji Invest to the capital market and hopes to accelerate its growth while building a multi-billion dollar company in India with the new and previous funds.

Regarded as one of the country’s largest e-beauty destinations, the previous fundraising occurred a few weeks ago when it raised $ 75 million in a round led by Kedaara Capital, alongside Sequoia Capital India and Blume Ventures.

Purplle has established a community-driven platform anchored by high-quality, economical beauty products since its inception in 2012. Its Gross Merchandising Value (GMV) has increased by sixfold in the last three years, with a present run rate of Rs. 1200 Cr. Purplle expects to grow at a rate of six to eight times in the following five years.

On its website and app, the e-beauty platform offers almost 50,000 goods from over 1000 brands. Kedaara, Premji Invest, Sequoia Capital India, Goldman Sachs, Verlinvest, Blume Ventures, and JSW Ventures are among the company's investors.

Its digital-first beauty brands, such as Purplle, Good Vibes, and NY Bae, have scaled successfully. Good Vibes, one of the top three brands in the Naturals Skincare area on the app, has already grown to be worth INR 150 crore.

Manish announced plans for the e-beauty platform saying, “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”

Purplle's app has created a unique, highly personalized digital shopping experience for customers by building extensive user profiles, allowing customers to test make-up, and recommending products based on personality, search phrases, and purchase history. Purplle is well-positioned to be a leader in the expanding Indian e-beauty industry, with over 1300 employees and a GMV CAGR of more than 90 percent over the last three years.

The e-beauty platform twice increased its marketing investment to establish the Purplle brand, with a heavy focus on new client acquisition. Purplle has exceptionally excellent retention, with 65-70 percent of income coming from returning users, despite increasing new customer acquisition. Purplle's loyalty program, Elite, accounts for 25 percent of the platform's revenue.

Speaking on the investment, Atul Gupta, Partner, Premji Invest says that, “Manish, Rahul and Suyash have built a very strong operating team with a customer-first approach. Democratising beauty will continue to be a dominant theme in India and customers today are looking for products that specifically cater to their skin, personal health and enhance their beauty”.

Gupta further added that, “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. We are excited about this partnership and look forward to working closely with the Purplle team”.

On the e-beaty’s side, Manish Taneja, Co-Founder and CEO, Purplle.com expresses delight on the investment saying “we are very pleased to welcome Premji Invest to our cap table. The investment will leapfrog our efforts to offer women personalized beauty experiences, expand our wide range of innovative products, and drive penetration across the country”.

Manish adds that, “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 companies from India”.

Manish announced plans for the e-beauty platform saying, “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”.

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