Online cosmetics and beauty products retailer Purplle has raised $8 Mn in Series C funding round from Belgium-based investment firm Verlinvest. The report comes a month after, Purplle raised funding from Goldman Sachs in December 2019. Purplle plans to utilise Verlinvest’s funding to strengthen its supply chain, innovation, and technology capabilities and building its brand. “This investment aligns with our intent of creating a sustainable multi-decade enterprise,” Purplle’s cofounder Manish Taneja, said.
In 2018, Purplle raised $2.57 Mn funding from Luxasia Group Patrick Chong Fook Seng and JSW Ventures. In 2016, Purplle closed its Series B funding round at $6 Mn fundraise.
According to the startup, the funding from Verlinvest will be utilised to further strengthen its supply chain, innovation and technology capabilities, as well as to build the brand further.
Founded by Manish Taneja and Rahul Dash in 2011, Purplle is an ecommerce platform that offers beauty products, appliances and cosmetics. Purplle also runs its own private label called StayQuirky, which accounts for a major chunk of its sale, as per the company. Purplle lists more than 650 brands on its platform and has been aggressively extending its catalogue to more than 50K products. To ensure that the customers’ needs are met, Purplle has also partnered with international brands such as Maybelline, Revlon, etc to include their products in its catalogue.
Commenting on the fund-raise, Manish Taneja, Co-founder and CEO, Purplle, said, “We are happy to welcome Verlinvest, a long-term, high-quality investor into the Purplle family. This investment aligns with our intent of creating a sustainable multi-decade enterprise.”
Speaking on the investment, Arjun Anand, Head of Investments-India, Verlinvest, said, “We are excited to partner with Purplle and its founders to build a unique platform in beauty and personal care. We believe consumer preferences are changing rapidly with online penetration in this space, and Purplle has great momentum to delight the Indian consumers.”
At present, Purplle claims to have more than 450 employees, and is growing by more than 100 percent year-on-year. Additionally, to date, it has raised more than $118 million in investments. The startup claims that it has turned cash profit since 2018. Through its app and website, Purplle claims to offer over 47,500 SKUs to more than 1,000 third party and its own brands.
Besides Purplle, other players in the online cosmetics and beauty products retailers include Nykaa, NewU and Lusso Liv. Moreover, in 2017, Amazon India had also spoken about its plan to enter the beauty and wellness market with its own beauty and personal care private label. Myntra too had decided to jump into the race with offline stores
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