Purplle raises Rs. 555 Cr led by Kedaara
Beauty e-commerce platform Purplle recently announced that it raised Rs. 555 crore in a round of funding led by Kedaara. The round also saw participation from existing investors Sequoia Capital and Blume Ventures. The company is now at a valuation of Rs. 4662 crore.
The company plans to use the capital raised to “grow six to eight times in the next five years through both organic and inorganic business developments,” as per Purplle co-founder and CEO Manish Taneja.
Tanje added, “We are at a GMV (gross merchandise value) run rate of Rs 1,200 crore. We want to keep growing at close to 70-80 percent year-on-year in the next foreseeable future. We will invest in the growth. We will invest in the people and at the same time build processes and systems and try to build Purplle as an institution and not another company. We will invest in technology.”
“We have been acquisitive at small levels in the past four years. Most of our growth has been organic but we will not shy away from making mid- to large-ticket acquisitions by taking our board into confidence. About 70 percent of the fund will be used for organic growth and around 30 percent for acquisitions,” he said further.
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