Verlinvest infuses $8m in online beauty products retailer Purplle

Photo: Pixabay

Online makeup and beauty products retailer Purplle Monday announced that it has raised $8 million from Belgian family investment firm Verlinvest as part of its Series C funding round.

The funding announcement comes less than a month after Purplle raised $30 million in Series C funding led by global investment bank Goldman Sachs. Existing investors IvyCap Ventures, Blume Ventures and JSW Ventures were also part of that financing round.

The corpus raised from Verlinvest will be utilised to further strengthen Purplle’s supply chain, innovation and technology capabilities as well as for brand building, the startup said in a statement.

“We are happy to welcome Verlinvest, a long-term high-quality investor, into the Purplle family. This investment aligns with our intent of creating a sustainable multi-decade enterprise,” said Manish Taneja, founder of Purplle.

Launched in 2012, Purplle, through its online app and website, provides a personalised digital shopping experience for consumers through the creation of detailed user personas, enabling customers to test make up and recommending products based on persona, search key words and purchase behavior. The company offers an assortment of 47,500 stock keep units (SKUs) across more than 1,000 third party and own brands.

The company claims to have witnessed a strong growth with revenue and orders growing by 100 percent year-on-year. Over the past two years, Purplle’s net merchandise value has more than quadrupled.

The company has turned a cash profit since 2018 and until this Series C fundraise, marking Purplle’s largest institutional raise, has been highly capital efficient by raising only $10 million over the past six years, the statement added.

The firm said it seeks to tap into India’s $7 billion online beauty and personal care market, which is estimated to be growing at a compound annual rate of more than 15%. Purplle competes directly and indirectly with brands including Nykaa, Sugar Cosmetics, Unilever Ventures-backed skincare startup Plum.

“We believe consumer preferences are changing rapidly with online penetration in this space and Purplle has great momentum to delight Indian consumers,” Arjun Anand, Verlinvest’s India Head of Investments, said.

Indigoedge acted as the exclusive financial advisor to Purplle.com in the fundraise.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.