Manash Lifestyle Pvt. Ltd, which operates beauty products and services marketplace Purplle.com, has raised $1 million (Rs 7.4 crore) in funding from Spring Marketing Capital.
Mumbai and Bengaluru-based Spring Marketing Capital is a branding and marketing-focused firm that has invested in Purplle.com from its debut fund. It counts Belgian family office Verlinvest among its limited partners (LPs).
The Economic Times reported the development earlier in the day.
Purplle was founded in 2012 by Manish Taneja, an IIT Delhi alumnus; Rahul Dash, an IIT Kharagpur and IIM Ahmedabad alumnus; and Suyash Katyayani, an IIT Kharagpur alumnus. The company operates a beauty and personal care e-commerce platform. It said it has 47,500 stock keeping units (SKUs) across more than 1,000 third-party and own brands.
The company said it seeks to tap into India's $7 billion online beauty and personal care market that is estimated to grow at a compound annual rate of more than 15%.
In December last year, it had raised $30 million in a Series C round of funding led by global investment bank Goldman Sachs.
The firm also counts IvyCap Ventures, Blume Ventures and JSW Ventures among its investors.
The broader beauty and personal-care segment has attracted a slew of investors over the past few years.
Last week, VCCircle reported that venture capital firm and growth equity investor Sequoia Capital had made an early-stage investment in a skincare brand.
In September, personal care brand mCaffeine raised $5.7 million in its Series B round of funding led by homegrown mid-market private equity firm Amicus Capital.
Beauty products e-tailer Nykaa raised capital from existing investor Sunil Kant Munjal, one of the promoters of Hero Group, and Steadview Capital earlier this year. Its other investors include TVS Capital, Lighthouse Funds and TPG.
