Purplle.com, one of the leading online beauty brands, has said it has raised $75 million in a funding round led by Kedaara Sequoia Capital India and Blume Ventures.
The Mumbai-based company said in a statement it plans to use the funding to augment the company’s goal to deliver 6-8X growth in the next 5 years apart from expanding its footprints in the global market.
IndigoEdge was the sole advisor of the transaction.
Manish Taneja, Co-founder and CEO, Purplle.com, said the company is 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 the firm in its 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,” he said.
Purplle is on a robust growth trajectory, having grown its GMV by 6x in the last 3 years. Even with a covid year, the company delivered more than 90 per cent GMV CAGR for the last 3 years.
In March, the online beauty store had raised $45 million from Sequoia Capital India and existing investors Verlinvest, Blume Ventures, and JSW Ventures.
“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 and Managing Partner at Kedaara and Anant Gupta, Managing Director at Kedaara, added.
