Purplle raises $75 million from Kedaara, others
Beauty e-commerce platform Purplle raised $75 million (Rs 555 crore) in a fund round led by private equity fund Kedaara at a valuation of $630 million. Existing investors Sequoia Capital and Blume Ventures also participated in the funding round.
The company will utilise the funds to strengthen its technological capabilities, deepen talent pool, diversification of product portfolio, and acquisition of new brands.
Commenting on the funding, Purplle co-founder and CEO, Manish Taneja, in a statement said: “We are excited to partner with Kedaara, as they venture into the beauty e-commerce industry. Being one of the marquee investors in India, Kedaara’s rich experience across consumer and tech will empower us in our next phase of growth."
Talking about the investment, Sunish Sharma Kedaara, managing partner added: “We believe Purplle offers a unique value proposition and a superior customer experience and will continue to have strong tailwinds for a long time. We are excited with our new investment in the consumer-tech space and look forward to working closely with the Purplle team.”
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, over 1,000 brands, and 50,000 products available on its website and app.
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