Online beauty platform, Purplle.com, raised US$ 65 million by bringing Premji Invest to the cap table to accelerate the company’s growth and achieve the goal of building a multibillion-dollar company from India.
The fresh tranche of investment comes weeks after a US$ 75 million funding led by Kedaara Capital, alongside Sequoia Capital India and Blume Ventures.
The company has grown its brands to 1000+ with over 50,000 products across categories like make-up, skincare, haircare, personal care, fragrances, and grooming appliances.
The company also grew its marketing investments by 2X times to build the brand. Alongside customer acquisition it has also focused on customer retention, Elite, Purplle’s loyalty programme, contributes to 25% of the platform’s revenue.
Manish Taneja, Co-founder, and CEO, Purplle.com, said, “We are very pleased to welcome Premji Invest to our cap table. The investment will leapfrog our efforts to offer women personalised beauty experiences, expand our wide range of innovative products, and drive penetration across the country. We plan to rapidly scale our private brands business and continue to build differentiated beauty brands with entrepreneurs. We will leverage exclusive Indian and international brand partnerships and fast-track acquisitions. Investments in content and community will be a key focus. We have nurtured some of the sharpest minds and will continue to build talent. With this strong year, we are well-positioned to build one of the largest beauty tech companies from India.”
Atul Gupta, Partner at Premji Invest, said, “Manish, Rahul, and Suyash, have built a very strong operating team with a customer-first approach. Democratising beauty will continue to be a dominant theme in India and customers today are looking for products that specifically cater to their skin and personal health and enhance their beauty. Purplle continues to build on that promise by integrating the requirements of the customer through careful analysis of customer usage data with unique and differentiated products and a great customer experience. We are excited about this partnership and look forward to working closely with the Purplle team.”
It is noteworthy that the investments of Premji Invest are across sectors like consumer, financials, technology, and manufacturing and includes companies such as Fab India, ID foods, Lenskart, Policy Bazaar, Flipkart, First Cry, Best Value Chem and Shubham Housing.
Purplle has grown its gross merchandising value (GMV) by 6X in the last three years and is currently at Rs 1,200 crore run rate. It plans to deliver 6-8X growth in the next 5 years.