Online beauty retailer Purplle raises $45 million from Sequoia, existing investors
Online beauty retailer Purplle has raised $45 million (Rs 325 crore) in a funding round backed by new investor Sequoia Capital India and existing backers Verlinvest, Blume Ventures, and JSW Ventures. Earlier, the company had raised $30 million from a clutch of investors led by Goldman Sachs.
The company will use the funds to fuel its expansion plans in the country and aims to deliver eight-ten times growth in the next four to five years.
Commenting on the funding, co-founder and CEO, Manish Taneja, in a statement said: “Even with a Covid year, we have delivered more than 90 percent GMV (gross merchandise value) for the last three years. This, while scaling our private brands successfully. The investment will help to shape Purplle into a multibillion-dollar, digital-first, beauty and personal care enterprise.”
Sakshi Chopra, principal at Sequoia India, added: “Purplle has been able to build a business on high retention and low customer acquisition costs. Besides, it offers a wide assortment of brands at affordable prices and has been able to craft a decent private label portfolio mix. We see Purplle emerging as a dominant beauty destination as the online beauty penetration grows from 10% to more than 25% over the next decade.”
Purplle is one of India’s leading beauty retailers and competes with deep-pocketed retail players like Nykaa, Myntra, Big Basket, and Grofers. Founded in 2012, Purplle claims to have seven million monthly active users.
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