Received $45 million in financing! Indian beauty e-commerce Purplle occupies a new position

Recently, Indian beauty e-commerce platform Purplle said it has received a new round of financing of US$45 million to expand its influence in the Indian market and occupy a larger market .

It is reported that Purplle , one of India's largest beauty e-commerce platforms , has raised a new round of investment from Sequoia Capital (India) and existing investors JSW Ventures , Blume Ventures and Verlinvest . People familiar with the matter said that the new round of financing has increased the valuation of the Indian startup to $300 million .

While reinforcing its commitment to existing investors , Purplle welcomes Sequoia Capital India . This investment will further strengthen the brand ’s confidence in achieving 8-10x growth in the next 4-5 years .

Regarding the new round of financing, Purplle co-founder and CEO Manish Taneja said: " The follow-up investment from JSW Ventures , Blume Ventures and Verlinvest proves that investors have enough trust in us. Even under the shadow of the epidemic , we still achieved an excellent performance of more than 90% compound annual growth rate in 3 years . This investment will help build Purplle into a multi -billion dollar , digital beauty and personal care company. "

Sequoia Capital India has successfully captured the market through early - stage investments in innovative startups and has partnered with companies such as BYJU 'S , OYO , Ola , Zomato and Freshworks .

Sakshi Chopra, Investment Advisor at Sequoia Capital India , said: “ We are seeing a gradual premiumization of e-commerce in India . We are delighted to partner with Purplle to become a major beauty platform as the penetration of online beauty continues to increase from 10% to 25% in the next decade . ”

For Purplle, the sudden craze for home beauty has seen the brand ’s sales , transaction volume and number of users grow.

Regarding this investment, Arjun Anand, Executive Director of Verlinvest, said: "Despite the impact of the epidemic , Purplle has achieved remarkable results . We firmly believe that it is their mission to bring beauty to the people of India. Our investment this year will enable Purplle to further consolidate its position as a leader in the beauty e-commerce field. "

Purplle was founded in 2011. Its platform products include cosmetics, health products, beauty products and beauty equipment. As of 2020, the Purplle platform has more than 650 brands and more than 50,000 items .

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