Purplle is an online beauty and personal care e-commerce platform which was founded in 2011 in Mumbai by Manish Taneja and Rahul Dash and has its headquarters in Ghatkopar West. The company right now offers personalized shopping experiences by efficiently creating user personas. This service empowers the users to digitally test the make-up, with the help of platform recommended items based on persona, purchasing behavior and search keywords.
Right now, the company provides to its users a huge assortment of nearly 47,500 SKUs across 1,000+ third party and self-owned brands. The company undertakes all its efficient functions with 450+ employees, which are growing by more than 100% year-on-year. Over the past two years, the company claims that its net value merchandises have more than quadrupled. Before this huge deal, Purplle raised $10 million over the past six years, making it a total fund collection of $110 million.
Now coming to the big investment news, Purplle.com recently mentioned that the company successfully raised $30 million in the Series C round which was led by Goldman Sachs. This Series C round also saw participation from potential investors including Blume Ventures, IvyCap Ventures, and JSW Ventures.
Purplle.com plans to make use of the new funds to strengthen its unique supply of products and brands on the digital platform through important partnerships, enhance the company’s data supplies through investments in women-focused digital information and curate a highly personalized digital experience for consumers powered by user personas and the company’s recommendation engine. Purplle.com further plans to develop the company’s supply chain at a global level.
Manish Taneja, Purplle’s Co-founder and CEO, on the huge investment mentioned that this funding from Goldman Sachs would act as a testament to the promise and potential of Purplle. The investment will benefit the company to move on to the next phase of growth for the users and potential investors.
Further adding on, Rahul Dash mentioned that the huge investment will benefit the company in expanding and strengthening the supply chain, digital technology, and marketing. The Company’s progress is moving at an exponential rate, empowering them to believe that the scale and the size of the company’s growth are sure to expand ten-fold by the end of 2023.
Niladri Mukhopadhyay, Managing Director at Goldman Sachs mentioned on the investment stating that Purplle has shown impressive growth while applying financial discipline and is one of the most promising vertical e-commerce platforms in India. The company is a successful mix of best-in-class technology with assistance from innovative brands and localized beauty content which has been acting as a key differentiator in the rapidly developing segment of India’s online market. Goldman Sachs looks forward to leveraging the global experience and network for Purplle’s continued growth.