Purplle raises $75 million funding led by Kedaara, Sequoia Capital, Blume Ventures
This fundraising comes six months after it
raised $45 million from Sequoia Capital India and existing investors Verlinvest, Blume Ventures, and JSW Ventures.
The investment will augment the company’s goal to deliver 6-8X growth in the next five years, the startup said in a release.
“We are excited to partner with Kedaara, as they venture into the beauty e-commerce industry. 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,” said Manish Taneja, cofounder and CEO of Purplle.com.
“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,” he said.
Founded in 2012, Purplle has 7 million monthly active users. The beauty e-tailer has nearly 50,000 products from over 1,000 brands on its website and app, the company said. It raised Series C funding at the end of 2019 from Goldman Sachs and Verlinvest.
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The firm said it has clocked 90% growth in gross merchandise value (GMV) in the past three years.
( News Source :Except for the headline, this story has not been edited by Rashtra News staff and is published from a economictimes.indiatimes.com feed.)
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