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The Plunge Daily raises USD 65 mn funding from Premji Invest raises USD 65 mn funding from Premji Invest

Funding News raises USD 65 mn funding from Premji Invest

Online beauty products platform said it has raised USD 65 million (about Rs 484 crore) in funding, bringing Premji Invest to the cap table. This investment comes weeks after a USD 75-million funding, led by Kedaara Capital, alongside Sequoia Capital India and Blume Ventures.

The infusion will accelerate the company’s growth to build a multibillion-dollar company from India, according to a statement. Within the year, the company has grown its brands to over 1,000 with over 50,000 products across categories like make-up, skincare, haircare, personal care, fragrances, and grooming appliances. With a strong focus on new customer acquisition, the company grew its marketing investments by 2X to build brand Purplle, the statement said.

Also read: Startup Homversity raises USD 1,55,000 from investors to expand operations

While doubling new customer acquisition, Purplle has seen 65-70 per cent of its revenue coming from returning users. Elite, Purplle’s loyalty programme, contributes to 25 per cent of the platform’s revenue. Since its launch in 2012, Purplle has built a community-led platform and has seen its gross merchandising value (GMV) growing by 6X in the last three years and is currently at Rs 1,200 crore run rate. Purplle plans to deliver 6-8X growth in the next five years, the statement said.

“We are pleased to welcome Premji Invest to our cap table. The investment will leapfrog our efforts to offer women personalised beauty experiences, expand our wide range of innovative products, and drive penetration across the country,” co-founder and CEO Manish Taneja said. Taneja added that the company plans to rapidly scale its private brands business and continue to build differentiated beauty brands with entrepreneurs.

“We will leverage exclusive Indian and international brand partnerships and fast-track acquisitions. Investments in content and community will be a key focus. We have nurtured some of the sharpest minds and will continue to build talent,” Taneja said. Premji Invest supports the growth of India’s booming consumer, financials, technology, and manufacturing ecosystem. Investments of Premji Invest are across sectors like consumer, financials, technology, and manufacturing and include companies such as Fab India, ID foods, Lenskart, Policy Bazaar, Flipkart, First Cry, Best Value Chem and Shubham Housing.

Atul Gupta, partner at Premji Invest, said, “Democratising beauty will continue to be a dominant theme in India and customers today are looking for products that specifically cater to their skin and personal health and enhance their beauty.” Purplle continues to build on that promise by integrating the requirements of the customer through careful analysis of customer usage data with unique and differentiated products and a great customer experience, he added.

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  1. Pingback: India's GDP likely to grow 8.1% in Q2 FY22: SBI report

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