Purplle gets $30 million funding from Goldman Sachs, others
Online beauty platform Purplle has raised $30 million (Rs 212 crore) in a Series-C funding round led by global investment bank, Goldman Sachs, along with its existing investors like IvyCap Ventures, Blume Ventures, and JSW Ventures.
Purplle will be using the funds to strengthen its presence in the $7-billion domestic online beauty and personal care market. The company will also invest to strengthen its supply chain, marketing, and technology.
Founded by Manish Taneja and Rahul Dash in 2011, Purplle is an e-commerce platform that offers beauty products, appliances, and cosmetics.
Commenting on the investment, Goldman Sachs managing director, Niladri Mukhopadhyay, in a statement said: “Purplle, which has managed impressive growth while applying financial discipline, is one of the most promising vertical e-commerce platforms. We look forward to leveraging our global experience and network for the continued growth of Purplle.”
Rahul Dash, co-founder of Purplle added: "The company will use the fresh capital to expand and strengthen its supply chain, marketing, and technology. Given our rate of progress, we expect our growth in scale and size to expand ten-fold by the end of 2023."
The investment is expected to give Purplle the much-needed funding to compete with deep-pocketed retail players like Nykaa, Myntra, Big Basket, and Grofers.
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