Purplle looks to raise up to $100 million from existing investors

By

Isabelle Crossley

Published
May 27, 2022

Multi-brand cosmetics retailer Purplle aims to raise between $75 million and $100 million from its existing investors and is in talks to negotiate these fresh funds. 

The beauty business will have a pre-investment valuation of approximately $800 million, ET Tech reported. Purplle is aiming to raise capital from pre-existing investors including Kendaara Capital, Verlinvest, and Premji Invest among others, four anonymous sources told the Economic Times. 
 
The last time Purplle raised funds was in November 2021 when the business raised $60 million from Premji Invest. This investment gave the business a valuation of $630 million. This investment also came only weeks after Purplle had secured a $75 million investment from Kendaara Capital. 

“This is part of the capital that was already committed to the company,” a source told the Economic Times. “There might be a couple of new investors, but it will largely be an internal round.”
 
Purplle’s combined revenue increased following its acquisition of skincare and makeup brand Faces Canada in 2021. The business aims to make further acquisitions in the skincare and cosmetics space and could use the new funds to this end, said one of the anonymous sources. 
 
Manish Taneja and Rahul Dash launched Purplle in 2012 with a dedicated e-commerce store. The retailer runs its own brands which include Purplle, Good Vibes, and NY Bae and also retails a wide range of other Indian and international brands.