Online beauty marketplace Purplle raises $34 million from Sequoia Capital

• ByTejika Bajaj     |    January 18, 2022

Online beauty marketplace Purplle recently announced that it has raised $34 million as a part of its Series D1 round of funding led by Sequoia Capital. The round also saw participation from Blume Ventures and investor Sangeeta Pendurka.

The estimates via a number of news agencies mark the valuation of the company at a little over $700 million. To facilitate the transfer of funds, the startup has approved the allotment of Series D1 compulsorily convertible preference shares at an issue price of INR 4,59,041 apiece.

The round saw a lead by Sequoia Capital’s Faces Investment Holdings which infused a sum of INR 238 crore in the online marketplace. On the other hand, Blume Ventures invested a sum of INR 17.81 crore and the rest was contributed by Sangeeta Pendurka.  

The fundraise comes just a few months after the beauty brand raised a sum of $75 million in its Series D round of funding led by Keedaara Capital. The aggressive fundraising activity comes after its rival Nykaa secured a successful listing in the stock market thus yielding a profitable outcome from the same.

Purplle is an online platform which caters to the beauty and lifestyle segment of the market. It provides a one stop destination to everyone for all their cosmetic needs. Started in 2012, Purplle caters to millions of users across India and has more than 50,000 products listed on their app.

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