Mumbai: Purplle.com, one of India’s leading online beauty destinations, today announced a $75M funding, welcoming Kedaara to the cap table, along with doubling down by Sequoia Capital India and Blume Ventures. This comes six months after a $45M funding backed by Verlinvest, Blume Ventures, JSW Ventures, and first-time investor Sequoia Capital India. The investment will augment the company’s goal to deliver 6-8X growth in the next 5 years.
Speaking on the investment, Manish Taneja, Co-founder, and CEO, Purplle.com, 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. 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.”
Sunish Sharma, Co-CEO & Managing Partner at Kedaara, and Anant Gupta, Managing Director at Kedaara, added, “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 democratizing 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.”
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 >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.
With a vision of creating a community-led platform with great quality and affordable products, the company will continue to forge strong and exclusive partnerships with both domestic and global brands. This investment will further strengthen Purplle’s position as it scales to build a global multibillion-dollar beauty company from India.
IndigoEdge was the sole advisor of the transaction.
