Purplle will expand its consumer offerings with a superior international makeup portfolio with the acquisition
Post the acquisition, FACES CANADA will continue to operate independently and extend its existing portfolio under Purplle
Last month, Purplle closed its $140 Mn Series D funding from Premji Invest, Kedaara Capital, Sequoia Capital India and Blume Ventures
Mumbai-based ecommerce marketplace for beauty products Purplle has acquired cosmetics and skincare brand FACES CANADA.
The brand has joined Purplle’s cohort of owned and acquired beauty brands, including Good Vibes, Carmesi, and NYBae.
The company, however, did not disclose the transaction value involved in the deal.
Manish Taneja, cofounder and CEO, Purplle.com, said, “With a strong existing portfolio, this acquisition will elevate our makeup portfolio with international high-quality innovative products.”
He added that both the companies will jointly scale to the next level tapping a diverse set of consumers.
Kunal Gupta, CEO, FACES CANADA, said, “Through this partnership, we aim to amplify our shared values, resources and reach untapped pockets of the country. The synergy will further our agenda of building the most comfortable international quality cosmetics accessible for Indian consumers, and provide an enhanced personalised beauty experience.’’
Post the acquisition, FACES CANADA will continue to operate independently and extend its existing portfolio under Purplle.
“With the growth in customer personalisation, this acquisition further strengthens Purplle’s footprint offering a comprehensive collection of unique and differentiated products,” said the statement.
FACES CANADA entered the Indian market in 2009, with products manufactured in Italy, Germany and Turkey. Its products are currently available in over 140 cities and towns at over 1,500 cosmetic retail stores and select modern trade outlets across India and is available across ecommerce platforms.
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.
Last month, Inc42 had exclusively reported about Mumbai-based ecommerce platform’s INR 368 Cr ($49 Mn) funding round.
Later, in its statement, Purplle said that it closed $140 Mn Series D funding from Premji Invest, Kedaara Capital, Sequoia Capital India and Blume Ventures, accelerating the company’s ambition to be a multibillion-dollar company.
Purplle has over 1,000 brands in its portfolio and 50,000 offerings, across categories including, makeup, skincare, haircare, personal care, fragrances, and grooming appliances. The platform claims to have over 7 Mn monthly active users and expects to end FY22 with an annualised gross merchandise value (GMV) run rate of INR 1,400 Cr.
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 Nykaa, SUGAR Cosmetics, Plum, WoW Skin, among others.
Online beauty marketplaces 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.
FSN E-Commerce, which runs Nykaa, another competitor of Purplle went public last month and marked a stellar listing on the stock exchanges with a 79% premium.