Online beauty platform Purplle.com said Friday that it has raised $75 million in a funding round led by Kedaara along with Sequoia Capital India and Blume Ventures.
This comes after six months of $45 million in financing backed by Verlinvest, Blume Ventures, JSW Ventures and Sequoia Capital India.
The next stage of growth
The company said the investment would “reinforce its goal of 6- to 8-fold growth” in the next five years.
Manish Taneja, Co-Founder and CEO of Purplle.com, said: “Being one of the leading investors in India, Kedaara’s rich experience across consumer and technology will enable us in our next phase of growth. With this investment, we will enhance our technology capabilities, and deepen our talent pool. introducing new and innovative products and brands, investing in entrepreneurs to build distinctive beauty offerings, and creating a treasure fund for potential acquisitions.”
Founded in 2012, Beauty e-tailer has seven million monthly active users and sells over 1,000 brands with nearly 50,000 products through its website and app.
Democratizing Personal Care
In a joint statement, Sunesh Sharma, Co-CEO and Managing Partner of Kedaara, and Anant Gupta, Managing Director of Kedaara, said Purplle.com continues to build a unique platform focused on the ethos of democratizing beauty and personal care across India.
SEE ALSO: Nykaa IPO: Why Personal Care’s Electronic Tailor Gets a Higher Rating Than Other Blue Unicorns
“We believe Purplle delivers a unique value proposition and superior customer experience, and will continue to have a strong tailwind for a long time. We are very excited about our new investment in consumer technology and look forward to working closely with the Purplle team to help them realize their vision.”
The company said it’s on a “strong growth trajectory,” after GMV has grown 6-fold in the past three years. She added that with the vision of creating a community-led platform, she will continue to focus on strong and exclusive partnerships with both local and global brands.
“This investment will further strengthen Purplle’s position as it expands to build a multi-billion dollar global beauty company from India,” she added.