The beauty products and services marketplace Purpelle has reportedly raised fresh funds amounting to Rs 17.5 crores ($2.56 million) from a group of investors.
According to the sources, the funding was secured in a number of tranches and was led by an unidentified London-based investment fund. The companies that participated in the funding round were Patrick Chong Fook Seng (founder of Luxasia Group), a Singapore-headquartered omni-channel retailer of beauty products, and existing investor JSW Ventures (venture capital arm of the JSW Group).
The valuation of the company after the funding round has reached roughly around Rs 240-245 crore ($35-36 million). Purpelle has raised funds basically for the expansion of its business operations and to improve the customer base.
Purpelle is a six-year-old beauty retailer, founded in 2012, that is involved in the online sale of cosmetics, fragrances, and skin and hair care products. It is basically Mumbai-based beauty and grooming e-commerce platform which focuses on proving beauty products and appliances to its customers.
The company has raised funds basically for the expansion of its business operations and to improve the customer base.
The company also runs its own private label, StayQuirky. Though the platform focuses primarily on the women, it also offers beauty products for men. It offers a virtual assistant to help users make purchasing decisions.
The other companies who have put in money in this round include Dubai-based NB Ventures and existing investor Ivycap Ventures. The latest round of funding comes six months after the news that Purplle had raised Rs 3.44 crore from Singapore-based Mountain Pine Capital and Suncoast along with participation from a clutch of individual investors.
The recent finances of the company have not been disclosed yet, but if we talk about the financial details of the company, Purpelle’s revenues increased more than three-fold to Rs 29.7 crore during 2015-16, from Rs 8.42 crore in the previous financial year. However, total expenditure also increased nearly three times from Rs 16.95 crore in the previous year to Rs 49 crore. Net losses increased to Rs 19.5 crore, from Rs 8.48 crore.