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Nykaa's rival Purplle raises $38 million from Pantaloon’s CEO, Sequoia

Jan 17, 2022, 17:19 IST
<p>Manish Taneja, CEO of Purplle<br><span class="source"></span></p>Purplle
  • Purplle has raised ₹257.43 crore ($38 million) in a Series D round.
  • The company had closed a $140 million round in November 2021.
  • It plans to open its first retail outlet this year and acquire more startups.
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Cosmetics and personal care products ecommerce platform Purplle, which competes with Falguni Nayar-led Nykaa, has raised ₹257.43 crore ($38 million).

The Series D round has been led by Sequoia Capital. Blume Ventures and Sangeeta Pendruka, the chief executive officer (CEO) of Aditya Birla Fashion and Retail Limited (ABFRL)-owned Pantaloons, have participated in the Series D round.

According to the regulatory filings, Purplle has approved the allotment of 5608 Series D1 preference shares at an issue price of ₹4,59,041 per share. Sequoia has invested nearly ₹238 crore in this round.

The development was first reported by Entrackr. The company is now reportedly valued at $728 million. Business Insider has reached out to Purplle seeking confirmation of its valuation.

Purplle — Founded by Manish Taneja and Rahul Dash in 2011 — is an ecommerce platform that offers beauty products, appliances and cosmetics. The company had closed a $140 million in October 2021, reportedly at a valuation of $500 million. It planned to use that capital to enhance its technology stack and incubating as well as acquiring more smaller startups.

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The company’s founder and CEO Taneja had previously told Business Insider that it plans to take a omnichannel approach by setting up retail stores by March this year. “I think offline is a huge market and we will love to be a player in it as well... We would like to have a significantly solid play in the omnichannel or offline model,” Taneja added.

He believes that the offline stores would help the company get more brand recognition, increase customer’s experience as well as trust. Nykaa — which was listed on the stock exchange last November — also relies on an omnichannel approach to gather more customer interest and further boost its reputation.

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