Purplle’s existing investors, Blume Ventures, IvyCap Ventures and JSW Ventures, the startup investment arm of Sajjan Jindal-led JSW Group, are also expected to participate in the round.
Goldman is expected to invest from its growth and venture capital investment arm, Goldman Sachs Investment Partners (GSIP), said the people cited above.
While a Goldman Sachs spokesperson declined to comment, Purplle did not respond to an email seeking comment.
Purplle sells makeup products and fashion accessories, as well as wellness products for men and women on its website. While it sells renowned makeup brands, it has also introduced its private label, which investors say, is already accounting for a significant chunk of its sales. It also provides makeup content and guided videos from bloggers.
In the current calender year, it is expected to generate about ₹300 crore in sales, said a third person, also requesting anonymity.
The online makeup and cosmetics segment has seen strong investor interest over the last few years, driven by aspirational millennial consumers with high propensity to spend, and broader and cheaper internet connections.
Purplle competes directly and indirectly with brands including Nykaa, founded by veteran investment banker Falguni Nayar, Sugar Cosmetics and skincare startup Plum, backed by Unilever Ventures, the venture capital and private equity arm of consumer giant Unilever.
While Sugar Cosmetics raised $10 million earlier this year from A91 Partners, Nykaa raised ₹100 crore from TPG Growth in April, at a valuation of ₹5,000 crore.
However, unlike Nykaa, Purplle is looking at Tier 2 and 3 cities for growth and to bring in a major chunk of its revenue, said an investor in Purplle, requesting anonymity.
“The market is also big enough to have multiple firms achieve significant scale, because digital-first cosmetic brands are only beginning to disrupt the market," the person added.