Friday 13 December 2019

Online beauty platform Purplle nets $30m from Goldman, others

Mumbai: Global investment bank Goldman Sachs along with other investors has invested $30 million in online beauty and personal care platform in series-C funding round.

This round of funding was led by the US-based investment back, also included participation from existing investors IvyCap Ventures, Blume Ventures and JSW Ventures.

"The funding will be utilised for building unique supply of brands and products on the platform through partnership with global brand houses and own brands, as well as for enhancement of the company's data stack through investments in digital women-focused content," the company said in a statement.

Further, the company plans to utilise the fund for creation of a global supply chain of world class beauty products, co-founder Manish Taneja said.

According to statistics, the $7 billion domestic online beauty and personal care market is estimated to be growing at more than 15 percent CAGR driven by increasing awareness of the category and penetration in second and third tier cities.

Launched in 2012, the company has already raised $10 million over the past six years.

"This funding will help us expand and strengthen our supply chain, marketing and technology. Given our rate of progress, we expect our growth in scale and size to expand ten-fold by the end of 2023," cofounder Rahul Dash said.

Commenting on the transaction, Goldman Sachs managing director Niladri Mukhopadhyay said,"Purplle, which has managed impressive growth while applying financial discipline, is one of the most promising vertical e-commerce platforms. We look forward to leveraging our global experience and network for the continued growth of Purplle."

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