Purplle.com closed $140 Million Series D funding adding Premji Invest to Cap Table
News desk, News Nation 360 : Purplle.com, one of India’s largest online beauty destinations, raises $65Mn, bringing Premji Invest to the cap table. This investment comes weeks after a $75Mn funding, led by Kedaara Capital, alongside Sequoia Capital India and Blume Ventures. The infusion will accelerate the company’s growth to build a multibillion-dollar company from India. Within the year, the company grew its brands to 1000+ with over 50,000 products across categories like make-up, skincare, haircare, personal care, fragrances, and grooming appliances. With a strong focus on new customer acquisition, the company grew its marketing investments by 2X to build brand Purplle. While doubling new customer acquisition, Purplle has very strong retention with 65-70% of revenue coming from returning users. Elite, Purplle’s loyalty programme, contributes to 25% of the platform’s revenue. Speaking on the investment, Manish Taneja, Co-founder, and CEO, Purplle.com stated that they are very pleased to
welcome Premji Invest to their cap table. They plan to rapidly scale their private brands business and continue to build differentiated beauty brands with entrepreneurs. They have nurtured some of the sharpest minds and will continue to build talent. With this strong year, they are well-positioned to build one of the largest beauty tech companies in India. Atul Gupta, Partner at Premji Invest expressed that 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. They are excited about this partnership and look forward to working closely with the Purplle team.
Report : Anustup Kundu