In the ever-evolving platform of e-commerce, few sectors have seen the kind of explosive growth that the beauty industry has experienced. One of the shining stars in this space is Purplle, a name that has become synonymous with all things the things of beauty. I
Purplle Company Profile
Purplle is an online platform that sells beauty products, including cosmetics, perfumes, skin care products, and hair products too. The company was not built overnight; it’s the result of the visionary minds of two entrepreneurs.
These pioneers saw untapped potential in an industry where quality products were often out of reach for the average consumer. They embarked on a journey to democratize beauty by making it accessible to all.
Some key points of Purplle
- Founded in 2011
- Founders – Manish Taneja (Co-Founder & CEO) and Rahul Dash (Co-Founder & COO)
- Headquartered in Mumbai.
- Serves in Online beauty, cosmetics and hair product industry
- Purplle works on a D2C (Direct-to-Consumer) business model.
- Being present on a digital platform, it didn’t rely on serving specific cities in the traditional sense as physical businesses do. It was accessible as long as the user had access to the internet and a compatible device.
- Although, their products are also available in cosmetics and beauty stores too.
- Purplle, began to gain significant recognition and prominence in the India e-commerce landscape in the years following its foundation. But observed a slight decrease in their sale due to pandemic.
- Purplle has a wide range of products on its site, with over 650 brands, 50,000+ SKUs, and 300+ vendors.
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Purplle Funding
Purplle first funding round took place in 2015, and reportedly they secured $5 million in funding from investors. Investors were IvyCap Ventures, Blume ventures, Mumbai Angels and JSW Ventures.
| YEAR | SERIES ROUND | MONEY GROWTH | INVESTORS |
| December 12, 2019 | Series C | $30 million | Goldman Sachs |
| January 13, 2020 | Series C | $8 million | Verlinvest |
| March 22, 2021 | Series D | $45 million | Peak XV Partners, Verlinvest |
| October 29, 2021 | Series D | $75 million | Kadaara Capital |
| November 18, 2021 | Series D | $60 million | PremjiInvest |
| January 17, 2022 | Series D | $2.6 billion | Peak XV Partners |
| June 9, 2022 | Series E | $33 million | Paramark Ventures |
| May 24, 2023 | Series E and secondary market | – | Abu Dhabi Investment Authority |
Purplle reportedly as of May 24, 2023, raised a whopping amount of total $384 million in funding over 20 rounds. Prominent names like Sequoia capital, Blume Ventures, and Verlinvest joined the ranks of Purplle’s backers. Abu Dhabi Investment Authority is the most recent investor.
These investments not only provided the capital needed for expansion but also signaled a strong vote of confidence in the company’s vision and execution. With each funding round, Purplle strengthened its position as a leader in the beauty e-commerce space.
Purplle Valuation
With a rapidly growing portfolio of over 1,000 brands, Purplle quickly established itself as go-to destination for beauty enthusiasts across India.
Purplle raised a valuation of $1.1 billion in 2023, the same as they made in June 2022. Meanwhile the company saw its revenue rise from Rs.128.2 crore in FY21 to Rs. 219.9 crore in FY22, with a 72% increase. Also reported its loss rose from Rs. 52.18 crores to Rs. 203.6 crores in FY22.
Purplle’s Shareholders
According to the latest report on July 7, 2022, with a net worth of Rs, 1,040 crore, founders hold 12.1% share in the company. While Mumbai Angels hold 16.95% shares, funds hold most of the shares around 64.5% shares.
Some of the prominent shareholder are:
Sequoia Capital: A name synonymous with venture capital excellence, Sequoia Capital is one of Purplle’s prominent investors. With its global reach and expertise, Sequoia has brought invaluable insights and support to the table.
Blume Ventures: Blume Ventures, another leading venture capital firm, recognized the potential of Purplle. Its investments have been instrumental in fueling the company’s growth.
Verlinvest: An investor with a global perspective, Verlinvest’s involvement has not only provided financial backing but has also added an international dimension to Purplle’s expansion.
Mumbai Angels: The Mumbai Angels Network, comprising seasoned investors and entrepreneurs, has played a role in nurturing Purplle’s growth through funding and mentorship.
Individual Investors: Beyond the institutional investors, Purplle has also received backing from individual investors who bring their passion for the beauty industry and a wealth of experience.
Conclusion
Purplle’s journey so far is impressive, but it’s clear that the company has its eyes set on an even brighter future. Purplle’s journey from a bold startup to a beauty powerhouse is a tale of vision, perseverance, and strategic partnerships.
Its valuation, fueled by strategic funding and backed by a diverse group of shareholders, showcases its potential to redefine the beauty industry in India and beyond. As Purplle continues to paint the world beautiful, the future holds exciting possibilities for this beauty icon.
