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.