Startup & Entrepreneurship
Online marketplace Purplle to raise Series-B funding from JSW Ventures
Aiming to cater more to the southern market, online marketplace for beauty products and spa and salon services, Purplle is closing a Series-B round of around $6 million with participation from JSW Ventures.
The existing and new investors are likely to join in the funding round of the IvyCap Ventures-backed company.
The company has stated that it will use some part of the capital to set up a warehouse in Bangalore to serve the Southern market which makes up 15 percent of its annual GMV of Rs 150 crores.
Manish Taneja, co-founder of Purplle.com, “We will continue to be a marketplace as it is very difficult to predict which SKUs do well in the beauty segment. Our focus will be on enabling sellers who stock up to 15 days inventory with us in our warehouses for insight on price elasticity and sales.”
He further added that the platform will grow its beauty services business in the spa and salon category that is currently available in 12 cities.
Taneja said “Offline we wouldn’t do a store model but will create an experience using Virtual Reality to help buyers experience different products. These are the plans for the next 8 to 12 months.”
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