Purplle raises Rs 56 crore from Verlinvest
Manash Lifestyle Pvt Ltd, which operates beauty marketplace Purplle, has raised Rs 56 crore ($8 million) from Belgian private investment firm Verlinvest SA in an extended Series C round.
Last December, Purplle had raised $30 million from Goldman Sachs and other investors like IvyCap Ventures, Blume Ventures, and JSW Ventures.
Purplle will be utilising the funds to strengthen its supply chain, innovation and technology capabilities.
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 funding, Manish Taneja, founder of Purplle in a statement said, “We are happy to welcome Verlinvest, a long-term high-quality investor, into the Purplle family. This investment aligns with our intent of creating a sustainable multi-decade enterprise.”
Arjun Anand, Verlinvest’s India head of investments added, “We believe consumer preferences are changing rapidly with online penetration in this space and Purplle has great momentum to delight Indian consumers.”
Purplle had posted revenue of Rs 100 crore for the financial year 2018-19 as against Rs 31 crore a year before. 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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