Nykaa’s Prominent Competitor Purplle Raises $168.6 million Latest Funding
Purplle is an Indian multi-brand beauty retailer that sells cosmetics and wellness items. It’s an online store that sells a wide range of cosmetics, skincare, hair care, and perfumes. Purplle was founded in 2011 and is headquartered in Mumbai, Maharashtra.
Several businesses are venturing into the beauty market with their unique services. Purplle is an excellent example of an e-commerce beauty company rapidly rising to compete with the industry’s more prominent players in its own right. Purplle is an Indian multi-brand beauty retailer that sells cosmetics and wellness items. It got founded in 2011 and got headquartered in Mumbai, Maharashtra. Purplle is quickly becoming popular thanks to its online store and an ever-growing variety of cosmetics, fragrances, skin, and hair care goods. In addition, it provides an online platform for beauty and health products, allowing them to get showcased. Purplle aspires to revolutionize the purchasing experience.
Purplle - Key Highlights
- Startup Name - Purplle.com
- Founded - 2011
- Founders - Manish Taneja and Rahul Dash
- Headquarters - Mumbai, Maharashtra, India
- Industry - Online shopping, Cosmetics
- CEO - Manish Taneja
- Area Served - India
- Website - www.purplle.com
Purplle – Online Beauty Shopping Site
Purplle is an online beauty shopping site that allows customers to shop for skincare products based on their hair and skin types and other personal preferences. It’s an online store that sells a wide range of cosmetics, skincare, hair care, and perfumes.
It features some of the world’s most prestigious company products at the most competitive prices. In addition, Purplle wants to elevate users’ shopping experiences to a whole new level by allowing them to customize their shopping experience based on their skin and hair type. They also have an excellent customer service department, which can be reached by calling their customer service hotline.
Purplle Founders – Manish Taneja and Rahul Dash
Manish Taneja and Rahul Dash established Purplle in 2012.
- Manish : Manish Taneja is a graduate of IIT Delhi, where he earned both his bachelor’s and master’s degrees in electrical engineering. Purplle’s Co-founder and CEO formerly worked at Fidelity Growth Partners India as a Private Equity Analyst and as an Avendus Capital Associate. Before starting his own beauty company, he worked as an analyst at Lehman Brothers and as an intern at Ittiam Systems.
- Rahul Dash : Purplle’s Founder and COO, Rahul Dash, previously worked at Tata Power Company as a Senior Manager – Strategy & Business Development. In addition, he was named a TAS Manager at Tata Chemicals Ltd and Tata Advanced Systems Ltd. Dash graduated from Kharagpur IIT with a Bachelor’s degree in Mechanical Engineering.
Purplle Startup – Brand Logo
Purplle is a purple logo that represents the name and taste of modern ladies. Women and girls worldwide enjoy the brand because it offers cosmetics, fragrances, skin, and hair care goods at the cheapest possible costs.
Purplle - Investors and Funding
Purplle has raised $168.6 million in investment. Purplle’s most recent investment round, Series E, closed on October 29, 2021, with Kedaara Capital leading $75 million. It is the company’s second investment round in 2021, with a focus on women’s beauty. Purplle got backed by roughly 15 investors, the most recent Spring Marketing Capital and Verlinvest.
Purplle Startup – Top Features & USP
- Purplle.com offers a diverse range of items from over 650 brands, with more than 50,000 SKUs and 300 beauty-specific vendors.
- Purplle offers full warehouse and logistical services to merchants, ensuring that product quality and delivery are maintained.
- Purplle also has a partnership with over 6,000 salons that provide thorough price information on the site to help customers choose the proper treatment.
Fun Fact: Purplle’s share in Goldman Sachs is worth INR 60 Cr in a secondary buyout, and they are aiming for $100 million in sales in FY21.
Purplle - Business Model
Purplle began as a direct-to-consumer beauty products merchant in 2011, with an eCommerce website and app. Like other market leaders like Flipkart, Amazon, Nykaa, and others, the company has entered the private label space. Purplle entered the private label market by acquiring StayQuirky, an in-house brand created in 2015.
Purplle - Competitors
Purplle’s main competitors today are:
Purplle Startup Story – Big Initial Challenges
Some of the challenges faced by the company are as follows:
- Fewer Beauty Retailers : Manish noted that when Purplle first launched in 2011, only a few firms in the country targeted the online arena for cosmetics and beauty products. Beauty retailers were far lower than now, and B2B transactions were limited to salons. So it got founded with Rs. 40 lakhs in personal savings, according to the co-founders.
- Competitors : Purplle has many good competitors in the market. Nykaa is their biggest competitor in terms of revenue and customer base.
Purplle Startup - Future Plans
Some of the upcoming plans of the company are as follows:
- Purplle thinks that social media will encourage India’s middle class to invest more in beauty products and millennia’s’ purchasing power.
- With AI on the market, the company claims it won’t be long until e-commerce platforms become vital sources of people’s cosmetic items.