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Purplle founded in 2012 raises $60 million from Premji Invest at $630-million valuation

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  • November 19, 2021

Founded in 2012 by Manish Taneja and Rahul Dash, Purplle has seven million monthly active users. The beauty retailer sells over 1,000 brands with nearly 50,000 products on its website and app.

Ecommerce beauty platform Purplle has raised $60 million from Premji Invest, the family office of Wipro founder-chairman Azim Premji, valuing the direct-to-consumer brand at $630 million, regulatory filings showed. Kedaara Capital invested $75 million in the company last fortnight.

The online beauty marketplace is in talks to buy a controlling stake in premium cosmetics and skincare brand Faces Cosmetics and is looking at multiple other tuck-in acquisitions to scale up its presence in the beauty space, executives aware of its plans have told ET. Its own beauty brands include Good Vibes, NY Bae, and Purplle.

In March, the firm raised $45 million (about Rs 330 crore) from investors led by Sequoia Capital India and existing ones such as Verlinvest, Blume Ventures, and JSW Ventures. It had raised $30 million in Series C funding, led by Goldman Sachs at the end of 2019.

Purplle is a largely online platform, but its private brand Good Vibes is also present in retail stores, especially in eastern India. Good Vibes does about Rs 150 crore in sales, Taneja had told ET. One-third of Purplle’s total business comes from in-house labels. Purplle was one of the nominees in the Comeback Kid category at The Economic Times Startup Awards 2021.

Content Courtesy: ET

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