Mumbai: Online beauty and cosmetics selling platform Purplle has secured $45 million from Sequoia Capital India, Verlinvest, Blume Ventures, and JSW Ventures in what appears to be a Series D round for the Mumbai-based startup.
In a press statement, Purplle said that its existing investor Ivy Capital has partially exited the company with a 22X return. IvyCap had invested Rs 15 crore via its Fund I in the company in 2015 and then invested in follow-on rounds from Fund II pocketing a total of Rs 330 crore. “We continue to believe in the growth of the company and therefore we have retained our stake for Fund 2,” said a statement from IvyCap.
Purplle claims to have over 1,000 brands with nearly 50,000 products available on its website and app and more than seven million monthly active users on the beauty marketplace.
Purplle competes directly with Nykaa and other horizontal majors such as Amazon and Flipkart. The development comes at a time when beauty e-commerce marketplaces and D2C brands selling on those platforms, have raised funds or are in talks for a larger round in recent months. The list includes MyGlamm, Sugar Cosmetics, and Juicy Chemistry.