COIMBATORE APRIL 10
Purplle.com, one of India’s online beauty destination chain, closed a Rs.330 crore deal from Verlinvest, Sequoia Capital India, Blume Ventures, and JSW Ventures. While the three existing investors reinforced their commitment, Purplle welcomed Sequoia Capital India.
On the deal, Manish Taneja, Co-founder & CEO Purplle.com, said, “We are excited to partner with Sequoia Capital India, as they foray into the online beauty industry.
Reinvestment from Verlinvest, JSW Ventures, and Blume Ventures, is a testament to the conviction of our investors. Purplle has been on a robust growth trajectory. Even with a Covid year, we have delivered ;90% GMV CAGR for the last 3 years.
This, while scaling our private brands successfully; Good Vibes is already a Rs. 150 Crore brand. The investment will help to shape Purplle into a multibillion-dollar, digital-first, beauty and personal care enterprise.”
Sequoia Capital India has successfully pre-empted market needs with early investments in innovative start-ups and has partnered with Indian unicorns like BYJU’S, OYO, Ola, Zomato, and Freshworks.
We see Purplle emerging as a dominant beauty destination as the online beauty penetration grows from 10% to 25%+ over the next decade,” said Sakshi Chopra, Principal, Sequoia India.