Online beauty platform, Purplle said that it has raised $75 million funding led by Kedaara, Sequoia Capital India and Blume Ventures. The fresh investment comes nearly six months after a $45 million fundraise from Verlinvest, Blume Ventures, JSW Ventures, and Sequoia Capital India. The beauty tech platform said that the investment will augment the company's goal to deliver 6-8X growth in the next 5 years.
The beauty and personal care market in India is witnessing heated competition with the unicorn Nykaa looking to raise $711 million capital from public markets. MyGlamm, the D2C beauty platform is also on acquisition spree to consolidate its presence in the segment.
"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. With this investment, we will strengthen our technological capabilities, deepen our talent pool, introduce new and innovative products and brands, invest in entrepreneurs building differentiated beauty offerings, and create a treasure chest for potential acquisitions," Manish Taneja, Co-founder and CEO, Purplle, said.
The company said that it is on a robust growth trajectory, having grown its gross merchandise value, or GMV, by 6x in the last 3 years. Even with a COVID-19 year, the company delivered >90% GMV CAGR for the last 3 years. Growing with over 1300 employees across multiple functions, Purplle is one of the beauty industry's largest employers, as per its official handout.
"We are delighted to partner with Purplle. Led by an innovative, passionate, and strong execution-focused team, the company has demonstrated market leading growth and continues to build a unique platform focused on the ethos of democratising beauty and personal care across India. 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 very excited with our new investment in the consumer-tech space and look forward to working closely with the Purplle team in helping them realize their vision," Sunish Sharma, Co-CEO , Managing Partner at Kedaara and Anant Gupta, Managing Director at Kedaara, said in a joint statement.
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