Purplle seeks $100 mn funding from an internal raise at a valuation of $800 mn
- ByStartupStory | May 28, 2022
Purplle, an online beauty and personal care products store, has conducted conversations with its existing investors to raise $75-100 million, giving it a pre-investment valuation of over $800 million, according to four individuals familiar with the situation.
The money will be raised mostly from current investors Verlinvest, Kedaara Capital, and Premji Invest, among others. This part of the fund has already been invested in the firm. There may be a few new investors, but it would primarily be an internal round. Purplle secured $60 million from Premji Invest, the family office of Wipro founder-chairman Azim Premji, in November of last year, raising its worth to $630 million. It had also taken $75 million from Kedaara Capital just weeks before.
Purplle competes with Nykaa, Good Glam Group and other e-commerce partners like Flipkart’s Myntra. Purplle purchased the cosmetics and skincare brand Faces Canada last year. The total revenue of the firm is projected to be Rs 750 crore after the purchase. Sequoia Capital has made investments in both firms.
Manish Taneja and Rahul Dash launched Purplle in 2012. Good Vibes, NY Bae, and Purplle are among its beauty brands. The firm features over 1,000 brands and 50,000 products in areas such as cosmetics, skincare, haircare, personal care, perfumes, and grooming tools.
The firm said in December of last year that it aims to complete the fiscal year 2022 with an annualised gross merchandise value (GMV) run rate of Rs 1,400 crore. According to business papers, the company lost Rs 51.26 crore in the fiscal year ended March 31, 2021. In the preceding fiscal year, it lost Rs 24.69 crore. In the previous 12-18 months, investors’ interest in India’s beauty and personal care sector has increased.
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