Purplle.com raises $65 million in latest funding round

Six months ago, the company had secured $45 million funding supported by Verlinvest, Blume Ventures, JSW Ventures, and first-time investor Sequoia Capital India.

Online beauty retailer Purplle.com raised $65 million from Premji Invest to its stopper table. This investment arrives in less than a month after the firm secured $75 million led by Kedaara Capital, Sequoia Capital India and Blume Ventures.

The fresh mixture will stimulate the company’s development, the company said in a statement. Six months ago, the company had secured $45 million funding supported by Verlinvest, Blume Ventures, JSW Ventures, and first-time investor Sequoia Capital India.

Purplle stated it has about seven million monthly active users, essentially in row two and three cities and above 1,000 brands with 50,000 products. In comparison, opponent Nykaa declares to have more than 19.3 million monthly regular unique visitors and adjacent to 4,000 brands registered on its website and two million products. Like Nykaa, Purplle, too, sells make-up, skincare, haircare, personal care, fragrances, and grooming appliances.

Manish Taneja, co-founder and CEO, said the investment would stimulate its attempts to give women personalised beauty practices, develop its products, and push penetration over the country.

“We plan to 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,” he said in a statement.

Premji Invest encourages consumer, financial, technology, and manufacturing firms like Fabindia, ID foods, Lenskart, Policy Bazaar, Flipkart, and Firstcry. Atul Gupta, the partner at Premji Invest, said, “Democratising beauty will continue to be a dominant theme in India and customers today are looking for products that specifically cater to their skin and personal health and enhance their beauty.”

Subscribe to our newsletter
Subscribe to our newsletter
Sign up here to get the latest news delivered directly to your inbox.
You can unsubscribe at any time