Purplle
Key Highlights:
  • A Mumbai-based beauty e-commerce startup, Purplle has entered the unicorn list after raising a $33 Mn Series E funding round.
  • The valuation of Purplle’s reached $1.1 Bn with the recent funding round.
  • The company generated revenue of INR 127.19 Cr in FY21, an increase of 40% over INR 91.4 Cr in FY20.

India got its 102nd unicorn after a Mumbai-based beauty e-commerce startup, Purplle has entered the list. The startup raised a $33 Mn Series E funding round.

The eCommerce platform has raised the funding from existing investors Premji Invest, Blume Ventures, and Kedaara and apart from that, it has raised from a new investor Paramak Ventures, a South Korean VC firm.

The valuation of Purplle’s reached $1.1 Bn with the recent funding round. So far, the eCommerce startup has raised a total of $215 Mn. Additionally, Goldman Sachs, Sequoia Capital India, and Verlinvest have backed the startup.

Purple was founded in 2012 by Manish Taneja and Rahul Dash. The startup offers beauty-oriented products and appliances. It offers a variety of brands through its platform, including Lakme, Plum, WOW Skin Science, mCaffeine, and Maybelline SUGAR Cosmetics, among others.

On its platform, the company claims to feature more than 1,000 brands and 60,000 products.

Co-founder and CEO OF Purplle, Manish Taneja, said, “As a result of the infusion of funds, we will be able to invest in technology, scale up our private brands, and invent new products that will make a significant impact on the beauty industry in India.”

The founder and managing partner of Paramark Ventures, Chunsoo Kim, said, “With Purplle, India’s beauty and personal care industry is being addressed in a way that ensures that the consumer needs of millions of Indians can be met beyond a few urban centres.”

The company has five other D2C brands under its house of brands, which recently added makeup brand FACES CANADA to the list. Apart from that, it runs other brands like Good Vibes, Carmesi, and NY Bae. According to the startup, Good Vibes has reached a turnover of INR 150 Cr.

In spite of all this, the eCommerce unicorn reported losses of INR 51.27 Cr in FY21, up 110% from INR 24.38 Cr in FY20. The company generated revenue of INR 127.19 Cr in FY21, an increase of 40% over INR 91.4 Cr in FY20.

Over the past year, the company’s expenses grew by 54% from INR 123.08 Cr in FY20 to INR 189.37 Cr in FY21. As compared to FY20, the unicorn spent 53.5% more on advertising in FY21 than it did in FY20. Additionally, it increased its employee benefits expense to INR 36.8 Cr in FY21 from INR 19 Cr in FY20.

Competition:

It competes with companies like Nykaa, SUGAR Cosmetics (which recently completed its own crowdfunding campaign), Plum and WOW Skin Science.

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