Mumbai-based e-beauty brand Purplle said in a statement that the company was successful in raising $45 million in a funding round from. One of the earlier investors of the company IvyCap Ventures partially exited Purplle at a value of $45 million with 22x returns. qqqqHowever, IvyCap will continue to be a stakeholder in Purplle through its Fund 2 investment. Incidentally, the company’s Fund 1 had invested $2 million in the company back in 2015.
Vikram Gupta, Founder and Managing Partners, IvyCap Ventures, said, “We had invested in Purplle.com from our Fund 1 and Fund 2. When we first invested in Purplle in 2015 we were confident that technology would disrupt and redefine the beauty industry in India.”
He added, “We continue to believe in the growths of the company, and therefore, we have retained our stake for Fund 2. Our belief in the brand, the vision of its founders ‘Beauty for All,’ enabled us to generate 1.35x of our entire Fund 1 in Purplle.”
Purplle has over six million users and three million monthly active users. The e-company sets itself apart by letting its customers test make-up products and recommending the products based on past user experience and activity. The Series C funding for the startup concluded in 2019 in which the company raised its funds from Goldman Sachs and Verlinvest.
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Manish Taneja, Co-founder and CEO Purplle, said, “IvyCap Ventures has been instrumental in fuelling Purplle’s expansion, being our Series A investor. Even with a COVID year, we have delivered over 90 percent GMV CAGR for the last three years. Reinvestment from partners such as Verlinvest, JSW Ventures, and Blume Ventures, is a testament to the conviction of our investors.”
He added, “Our recent partnership with Sequoia Capital India will further foster our ambition of creating a multibillion-dollar, digital-first, beauty and personal care enterprise.”
“We are excited to partner with Purplle, as we believe they have cracked the beauty playbook of value retailing with three key tenets – a business built on high retention and low customer acquisition cost (CAC), a wide assortment of brands offering quality at best prices, and an attractive private label portfolio mix. We see Purplle emerging as a dominant beauty destination as the online beauty penetration grows from 10 percent to 25 percent over the next decade,” Sakshi Chopra, Principal, Sequoia India, said.