Purplle.com gets $75 million in funding from Kedaara, others

By: |
October 29, 2021 7:42 PM

Existing investors such as Sequoia Capital India and Blume Ventures also participated in the round

The fresh fund will accelerate the company’s goal to deliver six to eight times growth in the next five year

Beauty e-commerce platform Purplle.com announced on Friday it has raised $75 million in a new financing round. Existing investors such as Sequoia Capital India and Blume Ventures have participated in the round, while the company has onboarded new investor Kedaara as well. The fresh fund will accelerate the company’s goal to deliver six to eight times growth in the next five years. Moreover, the investment will further strengthen Purplle’s position as it scales to build a global multibillion-dollar beauty company from India, the company said in a statement. IndigoEdge was the sole advisor of the transaction.

“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 technological 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,” Manish Taneja, co-founder and CEO, Purplle.com, said.

The company claims to have grown its GMV by six times in the last three years. The company has over 1300 employees across multiple functions, it claimed. For further growth, the company wants to continue forging exclusive partnerships with both domestic and global brands. Earlier this year, the platform raised $45 million in another funding round.

“Led by an innovative, passionate, and strong execution focused team, Purplle has demonstrated market leading growth and continues to build a unique platform focused on the ethos of democratising 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,” Sunish Sharma, co-CEO and managing partner, Kedaara and Anant Gupta, managing director, Kedaara, said.

Read Also: IAMAI appoints Ashish Singhal and Sumit Gupta as co-chairs for its crypto council

Follow us on TwitterInstagramLinkedIn, Facebook

 

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

BrandWagon is now on Telegram. Click here to join our channel and stay updated with the latest brand news and updates.

Next Stories
1Parag Agrawal of Indian origin replaces Jack Dorsey as Twitter CEO
2Twitter CEO Jack Dorsey stepping down; Twitter share price jumps over 10% after CNBC report
3CRED rolls out latest film featuring Chacha Chaudhary and Suppandi