Purplle controlling stake in Faces Cosmetics
Beauty e-commerce platform Purple is in advanced talks to buy a majority position in Face Cosmetics, a premium cosmetics and skincare company, according to two people familiar with the situation. He didn’t say how big the contract was or how much it was worth. Purple raised Rs 555 crore ($75 million) from private equity firm Kedara Capital last month, valuing the company at Rs 4,662 crore. “It has boosted action.”
“There’s a lot of activity in the online beauty industry,” one of the executives said, “with growth in the high double digits and large names like Reliance and Tatas formalising their own online beauty platforms.”
Purplle.com CEO and cofounder Manish Taneja said the company would look into inorganic growth and mid-to-large-ticket acquisitions when the new funding was announced late last month. He also stated that acquisitions will account for over 30% of the funding.Purplle, which was founded in 2012, now has 70 million monthly active users. According to the company, the beauty e-website tailer’s and app have approximately 50,000 products from over 1,000 brands. It received Series C funding from Goldman Sachs and Verlinvest at the end of 2019.
Purplle is the latest in a long line of beauty and wellness companies to raise funds from investors. MyGlamm, Sugar Cosmetics, Mamaearth, Juicy Chemistry, and Plum Cosmetics are just a few of them.
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