Online beauty products marketplace Purplle, operated by Mumbai-based Manash Lifestyle Pvt Ltd, has raised a little over $34 million (Rs 257.43 crore) as a part of its Series D1 funding round at a valuation of more than $700 million, led by Faces Investment Holdings--an affiliate of Sequoia Capital, according to a regulatory filing.
Blume Ventures and investor Sangeeta Pendurka participated in the funding round that values Purplle at $716.35 million, according to VCCircle estimates. Faces Investment Holdings, alone invested Rs 238 crore, while Blume Ventures invested Rs 17.81 crore with the rest coming from Pendurka.
As a part of the transaction, Purplle allotted 5,608 Series D1 compulsorily convertible preference shares (CCPS) at an issue price of Rs 4,59,041 each.
News website Entrackr first reported the development, saying the funding was raised at a valuation of over $725 million. An email sent to Purplle did not elicit an immediate response. According to the filings, the company reported a loss of Rs 51.26 crore for 2020-21 (FY21) against a loss of Rs 24.69 crore for 2019-20 (FY20).
Purplle raised $75 million in a funding round in October led by homegrown private equity firm Kedaara Capital and joined by Sequoia Capital and Blume Ventures. Further, within a month’s time, the company raised another $65 million as a part of its Series D funding round from Premji Invest, taking the total Series D fundraise by Purplle to $140 million.
The aggressive fundraises by Purplle follow the stellar listing of its peer Nykaa, operated by FSN E-Commerce, on the bourses in November. Shares of Nykaa are up over 80% since its debut, taking the total market capitalisation of the company close to Rs 1 trillion.
Fundraises in the broader beauty and personal care segment have also risen over the last few months. VCCircle had reported that skincare wellness brand WOW Skin Science, backed by ChrysCapital, was in talks to raise $50 million at a valuation of nearly $400 million. Another cosmetics brand SUGAR, operated by Vellvette Lifestyle Pvt Ltd, was eyeing to raise $60 million at a valuation of $500 million, VCCircle had reported.
Purplle also recently bought cosmetics and skincare brand, Faces Canada, which was previously owned by Sequoia Capital India and run by a management team. The acquisition was for the India brand only, which is presence in over 140 cities and towns at over 1,500 cosmetic retail stores and modern trade outlets, the company had said. The brand had joined Purplle’s portfolio of of owned and acquired beauty brands including, Good Vibes, Carmesi, and NYbae.
Sequoia Capital, meanwhile, recently invested in another personal care company Honasa Consumer Pvt Ltd, which owns brands like Mamaearth and The Derma Co.