[Funding alert] Online beauty platform Purplle raises additional $8M from Verlinvest in Series C round
, an online beauty and personal care brand on Monday said that it has raised $8 million from Verlinvest as part of its Series C round. The investment follows Purplle's $30 million fundraise from Goldman Sachs and other existing investors in December 2019.
According to the startup, the funding from Verlinvest will be utilised to further strengthen its supply chain, innovation and technology capabilities, as well as to build the brand further.
Purplle co-founders (L to R): Rahul Dash and Manish Taneja
Launched in 2012, Purplle is an online beauty and personal care ecommerce platform which provides personalised digital shopping experiences for consumers by creating detailed user profiles.
Commenting on the fund-raise, Manish Taneja, Co-founder and CEO, Purplle, said,
“We are happy to welcome Verlinvest, a long-term, high-quality investor into the Purplle family. This investment aligns with our intent of creating a sustainable multi-decade enterprise.”
The startup claims that it has turned cash profit since 2018. Through its app and website, Purplle claims to offer over 47,500 SKUs to more than 1,000 third party and its own brands.
Speaking on the investment, Arjun Anand, Head of Investments-India, Verlinvest, said,
“We are excited to partner with Purplle and its founders to build a unique platform in beauty and personal care. We believe consumer preferences are changing rapidly with online penetration in this space, and Purplle has great momentum to delight the Indian consumers.”
During the fundraising, Indigoedge acted as the exclusive financial advisor to Purplle.
At present, Purplle claims to have more than 450 employees, and is growing by more than 100 percent year-on-year. Additionally, to date, it has raised more than $118 million in investments.
(Edited by Suman Singh)