Purplle raises $60 million from Premji Invest, plans beauty brand acquisitions
Beauty-focused direct-to-customer e-commerce platform Purplle has raised $60 million from Premji Invest with a valuation of $630 million, as it undergoes talks to acquire beauty brands and expands its offline presence.
Purplle’s latest injection of funds comes from Premji Invest, the family office of Wipro’s founder and chairman Azim Premji, according to regulatory filings accessed by the Economic Times. The beauty business is also currently is in talks to buy a controlling stake in Faces Cosmetics, a skincare and makeup brand in the premium segment of the market, ET Bureau reported. Purplle is also looking to acquire more beauty and skincare brands in order to expand its overall presence in the beauty space.
Purplle is expanding its private label brands, which include Purplle, Good Vibes, and NY Bae. Along with retailing on its multi-brand e-commerce platform, Good Vibes products also retail in brick-and-mortar stores and the brand has a particularly strong presence in Eastern India, ET Bureau reported. Purplle is expected to use a significant portion of its new investment for its offline retail push.
The business had just received a $75 million investment in a funding round led by private equity fund Kedaara Capital at the beginning of the month. The funding round saw Kedaara Capital venture into India’s beauty e-commerce space and also included contributions from existing investors Sequoia Capital and Blume Ventures. In March this year, Purplle raised $45 million bringing its investment total for 2021 to $180 million.
Copyright © 2022 FashionNetwork.com All rights reserved.