Purplle.com closes funding of $75M led by Kedaara Capital
Mumbai, October 29, 2021: Purplle.com, one of India’s largest online beauty destinations, today announced a $75M funding, welcoming Kedaara Capital to the cap table. This comes six months after a $45M funding backed by Verlinvest, Blume Ventures, JSW Ventures, and first-time investor Sequoia Capital India. The investment will augment the company’s goal to deliver 6-8X growth in the next 5 years.
Speaking on the investment, Manish Taneja, Co-founder and CEO, Purplle.com, and Suyash Katyayani, Co-founder and CTO, Purplle.com said, “We are excited to partner with Kedaara Capital, as they venture into the beauty e-commerce industry. Being one of the marquee investors in India, Kedaara’s rich experience across consumer and tech will empower us in our next phase of growth. With this investment, we will strengthen our technology capabilities, deepen our talent pool, introduce new and innovative products and brands, invest in entrepreneurs building differentiated beauty offerings, and create a treasure chest for potential acquisitions.”
First time investors in the beauty industry, Sunish Sharma, Co-CEO & Managing Partner at Kedaara Capital, and Anant Gupta, Managing Director at Kedaara Capital added, “We are delighted to partner with Purplle. Led by an innovative, passionate and strong execution focused team, the company has demonstrated market leading growth and continues to build a unique platform focused on the ethos of democratizing Beauty and Personal Care across India. We believe Purplle offers a unique value proposition and a superior customer experience and will continue to have strong tailwinds for a long time. We are very excited with our new investment in the consumer-tech space and look forward to working closely with the Purplle team in helping them realize their vision.”
Purplle is on a robust growth trajectory, having grown its GMV by 6x in the last 3 years. Even with a Covid year, the company delivered >90% GMV CAGR for the last 3 years. Growing with over 1300 employees across multiple functions, Purplle is one of the beauty industry’s largest employers.
With a vision of creating a community led platform with great quality and affordable products, the company will continue to forge strong and exclusive partnerships with both domestic and global brands. This investment will further strengthen Purplle’s position as it scales to build a global multibillion-dollar beauty company from India.
Founded in 2012, Purplle.com is one of India’s largest e-beauty destinations with 7 million monthly active users. The beauty e-tailer has over 1000+ brands with nearly 50,000 products, available on its website and app. The company investors include Kedaara Capital, Sequoia Capital India, Goldman SachsVerlinvest, Blume Ventures, and JSW Ventures.
Purplle has successfully scaled its digital-first beauty brands like Purplle, Good Vibes, NY Bae, amongst others. Good Vibes from this cohort has already become an INR 150 Cr brand and is one of the top 3 in the Naturals Skincare space on the app. Purplle has built a differentiated, highly personalized digital shopping experience for consumers through its app by creating detailed user personas, enabling customers to test make-up, and recommending products based on personality, search keywords, and purchase behaviour. With over 1300 employees and growth of >90% GMV CAGR for the last 3 years, Purplle is well-positioned to be a leader in the burgeoning Indian e-beauty space.
Kedaara is an operationally oriented private equity firm pursuing control and minority investment opportunities in India. It currently advises and manages over ~US$ 3.9 billion through investments in several market leading businesses across a variety of sectors including consumer, financial services, pharma/healthcare, technology / business services and industrials. Kedaara’s operating partner model comprising former CEOs with proven track records of building market leading businesses that enables businesses to realize their full potential. Since its inception, Kedaara has remained singularly dedicated to its stated strategy of focusing on investments built through trust-based relationships with best-in-class entrepreneurs and management teams across secular fast growing end markets. Kedaara was co-founded by Manish Kejriwal, Sunish Sharma and Nishant Sharma and combines the strengths of a well-networked, highly experienced local investing and operating team, with the experience of their strategic partner, Clayton, Dubilier & Rice, a global private equity firm whose investment model blends financial skills with operating expertise.
For further information about Kedaara, please visit : www.kedaara.com
Karuna Iyer | firstname.lastname@example.org