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Business News/ Companies / Start-ups/  Purplle raises  $75 mn from  Kedaara Capital
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Purplle raises  $75 mn from  Kedaara Capital

The fresh infusion of funds will be used for, both, the company's growth as well as investments in other beauty tech players

Purplle.com had received $45 million funding backed by Verlinvest, Blume Ventures, JSW Ventures, and first-time investor Sequoia Capital India.Premium
Purplle.com had received $45 million funding backed by Verlinvest, Blume Ventures, JSW Ventures, and first-time investor Sequoia Capital India.

NEW DELHI: Online marketplace for beauty and personal care products Purplle.com has raised $75 million funding from private equity firm Kedaara Capital, it said on Friday.

The announcement comes six months after the company received $45 million funding backed by Verlinvest, Blume Ventures, JSW Ventures and first-time investor Sequoia Capital India.

The fresh funds will be used for the company’s growth as well as investments in other beauty tech players.

The investment will be used to strengthen the company’s technological capabilities and for hiring talent, co-founders Manish Taneja and Suyash Katyayani said.

It will also be employed to introduce new products and brands and also to invest in new acquisitions of companies building differentiated beauty offerings, they said.

“Kedaara’s experience across consumer and technology will empower us in our next phase of growth," Taneja said.

The company has demonstrated market growth and has built a platform focused on the ethos of democratizing beauty and personal care across India, said Sunish Sharma, co-chief executive officer and managing partner at Kedaara, and Anant Gupta, managing director at Kedaara.

“They offer a unique value proposition and superior customer experience and will continue to have strong tailwinds for a long time. We are excited with our new investment in the consumer-tech space," they said.

Purplle’s co-founders said the company is on a robust growth trajectory, with its gross merchandise value (GMV) having grown by 6x in the past three years.

The company has about 1,300 employees across its functions since its inception in 2012.

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ABOUT THE AUTHOR
Varuni Khosla
Varuni serves as a Senior Assistant Editor at Mint. Her responsibilities encompass crafting compelling narratives that take a deep dive into hospitality companies, the business of art, luxury brands, the intricacies of the business of sports, advertising and marketing landscapes, gaming insights, tourism and travel industry trends. She also covers alcohol commerce. She is skilled at communication, meticulous research, and insightful analysis keeping contemporary shifts and advancements within the lifestyle and business domains at the heart of her work.
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Published: 29 Oct 2021, 03:04 PM IST
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