Purplle, an online cosmetics and grooming marketplace for women, has raised $75 million in a Series E round headed by private equity company Kedaara Capital. This is the Mumbai-based startup’s second investment round in 2021, following a $45 million Series D deal in March.
According to industry reports, Purplle has raised the new round at a valuation of $600 million. During the last round, the startup was valued at roughly $300 million. Purplle says the new capital will be used to fund the company’s development as well as investments in other beauty tech companies.
Purplle provides grooming products, cosmetics, and personal care items. Aside from collecting products from various brands, it also offers its own private label on the marketplace.
On the beauty marketplace, the nine-year-old company claims to have over 1,000 brands and more than seven million monthly active users. Purplle’s early investor Ivy Cap Ventures also made a partial exit with 22-fold gains at the most recent round. According to the company, IvyCap purchased a 30% share in Purplle in 2015 for Rs 15 crore, when the company was valued at Rs 50 crore.
Manish Taneja’s startup competes with Nykaa as well as other horizontal majors like Amazon and Flipkart. Purplle is likely to use the money from the new fund to invest in budding D2C firms, in addition to increasing expansion.
