Exclusive: Online Beauty Startup Purplle Adds Premji Invest To Its Captable

Mumbai-based ecommerce for beauty products marketplace Purplle is raising around INR 368 Cr ($49 Mn) in a continuation of its Series D round from the family office of Wipro founder chairman Azim Premji.

As per the filings accessed by Inc42, Purplle is allotting a total of 8,263 Series D compulsory convertible preference shares to PI Opportunities Fund I scheme of Premji Invest for INR 328 Cr for 8.43% stake in the company.

Last month, Purplle had closed $75 Mn as part of its Series D round led by new investor Kedaara Capital in participation with Sequoia Capital India, Blume Ventures. The startup was reportedly valued at around $500 Mn post this round. 

Earlier this year, the beauty startup had raised $45 Mn from Sequoia Capital India, Verlinvest, Blume Ventures and JSW Ventures, giving exit to its early investor – IvyCap. Back then the company said that IvyCap had received a 22X ROI or INR 330 Cr exit.

Founded by Manish Taneja and Rahul Dash in 2011, Purplle is an ecommerce platform that offers beauty products, appliances and cosmetics. Purplle also runs its private label called StayQuirky, which accounts for a major chunk of its sales.

In 2019, the startup had raised $30 Mn in its Series C round led by Goldman Sachs. It raised its Series B round worth $6 Mn in 2016. 

Purplle competes against the likes of beauty marketplace platforms such as Nykaa, SUGAR Cosmetics, Plum, WoW Skin, among others.

It is worth noting, most of these startups have received big cheques this year. While SUGAR Cosmetics bagged $21 Mn in its Series C round in February, Mamaearth closed $50 Mn in a fresh round in July. In April this year, WoW raised $50 Mn from ChrysCapital.  

Update | 18th November, 17:40

The story has been updated to reflect the right investor.