Nykaa or Purplle? A question that has become a part of a conversation while online shopping for beauty products. But how did Purplle manage to disrupt the market and become a worthy opponent to the monopolist Nykaa who once ruled the Indian beauty e-marketplace?
If you are wondering the same, it’s the three IITians Manish Taneja, Rahul Dash and Suyash Katyayani who are behind the success story of Purplle and making it a part of the prestigious unicorn club in June 2022.
Here’s the story of the founders behind Beauty e-marketplace Purplle.com….
Nykaa reigned supreme as the dominant player in the online beauty space. However, in recent years, there has been a significant shift in consumer preferences and the availability of affordable products, allowing Purplle to establish itself as a prominent player in the market.
Purplle, an online cosmetics retailer, achieved the remarkable feat of becoming India’s second billion-dollar company, despite prevailing skepticism among investors towards startups. This accomplishment followed closely on the heels of the country’s other unicorn, Edtech startup Physicswallah, founded by Alakh Pandey, which raised $100 million in funding at a valuation of $1.1 billion (Rs 8200 crore), with support from investors such as WestBridge Capital and GSV Ventures. Purplle has also joined the coveted unicorn club last year. The company secured a total funding of $215 million and intends to utilize the capital to bolster technological investments, enhance its private label offerings, and further refine its product range.
Originally established as Manash Lifestyle Pvt in 2012, Purplle was founded by three accomplished IIT engineers: Manish Taneja, Rahul Dash, and Suyash Katyayani. In the last fiscal year, ending in March, the company recorded an impressive gross merchandise value of $200 million. Its website and app provide access to over 60,000 beauty and personal care products and accessories from more than 1,000 renowned brands.
“With technical investments, expansion of our private brands, and industry-first innovations, the infusion will help us continue our aim of growing the beauty business in India,” Manish Taneja, co-founder and CEO of Purplle, said.
How did the startup begin?
The online beauty and personal care retailer, had an interesting beginning shaped by the founding trio’s dilemma. They were eager to start a firm but faced a crucial decision between venturing into the furniture or fashion industry. While it required a substantial initial investment, the fashion market seemed more promising, with successful firms like Myntra and Jabong quickly establishing themselves as competent players.
In December 2011, Purplle was launched as an online shop, aiming to cater to the beauty and personal care needs of its customers. The company swiftly gained popularity by offering an extensive range of products from both Indian and international brands.
Three IITians behind the success
Manish Taneja- The founder and CEO of the startup
Under his leadership, Purplle has become a market leader in the online beauty space, and has been featured in Forbes India’s ’40 Under 40′ list. in 2010, Manish Taneja quit his high paying corporate job and started his entrepreneurial journey.
He holds a Bachelor’s and Master’s degree in Electrical Engineering from the esteemed Indian Institute of Technology (IIT) Delhi. He completed Level 3 of the CFA (Chartered Financial Analyst) program at the CFA Institute, demonstrating his aptitude in the field of finance.
Under Taneja’s leadership as the Co-founder and CEO, Purplle has achieved significant milestones. The company successfully secured $45 million in funding from investors, including Sequoia Capital India, highlighting its potential and attracting support from prominent industry players.
Not content with stopping there, Taneja has set his sights on even greater achievements. He envisions taking Purplle public by launching an IPO, with the goal of transforming the company into a listed entity. This strategic move would not only raise the company’s profile but also provide opportunities for further growth and expansion in the competitive beauty and personal care market.
Rahul Dash- co-founder and COO of the startup
With a background in mechanical engineering, Dash completed his Bachelor’s degree at the prestigious Indian Institute of Technology (IIT) Kharagpur, demonstrating his strong foundation in technical knowledge.
After completing his undergraduate studies, Dash’s passion for business and management led him to pursue a Post Graduate Diploma in Management (PGDM) in General Management from the renowned Indian Institute of Management (IIM) Ahmedabad.
Prior to his role at Purplle, Dash held significant positions at Tata Group companies, showcasing his experience in strategic planning and operational excellence. He served as a Senior Manager in Strategy and Business Development at Tata Power Company, where he played a crucial role in shaping the company’s growth strategies.
Suyash Katyayani- CTO and co-founder of the startup
As the company’s chief technology officer and co-founder, Suyash Katyayani. Katyayani attended DPS Bhilai and earned a BTech in chemical engineering from the Kharagpur IIT. Suyash co-founded VidyaCenter first, making Purplle his second company endeavour. Katyayani started his career as a software programmer at OnMobile.
The story of Purplle’s success is the story of dreams coming true. It is a story of how three people with well-paid corporate jobs did not submit to the security and comfort that their 9 to 5 jobs provided and embraced the risk and led to success.
