The Series E funding brings Purplle to a $630M valuation. Here are the top-line bullets you need to know.
Purplle, an e-commerce platform for beauty products, has raised $75M in a Series E. The round drew participation from Blume Ventures, JSW Ventures, Verlinvest, Sequoia Capital India, and Kedaara Capital.
HOW’S THE COMPANY PERFORMING?
- India-based Purplle is an online retailer of beauty and personal care products. The company’s platform also lists spas and salons in select cities with their contact information and reviews.
- The startup has about 7M monthly active users, nearly 50K products, and over 1K brands on its online beauty platform.
- Purplle’s revenue came in at $11.97M in FY’20.
- The e-tailer’s Gross Merchandise Value (GMV) has grown 6x over the past 3 years, at a CAGR of 90%.
- Purplle operates in India and is supported by a team of 1,300 employees.
WHY DOES THE MARKET MATTER?
- The global beauty and personal care market is expected to grow at a CAGR of 5.9% and reach a value of $716.6B by 2025, according to Grand View Research.
- The key growth drivers for the market include the popularization of personal care, increasing urbanization, rising smartphone usage, and higher internet usage.
- Covid-19 has increased the demand for online shopping options.