IvyCap Ventures Backed Purplle To Close $6 Million Series-B Round Funding
Purplle, an online marketplace, backed by IvyCap Ventures; for beauty products, spa and salon services, has closed a Series-B round of around $6 million with participation from JSW Ventures, existing investors and another investor who's likely to join in.
The company will use some part of the capital to set up a warehouse in Bengaluru to serve the Southern market which makes up 15 per cent of its annual GMV of Rs 150 crore.
"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 upto 15 days inventory with us in our warehouses for insight on price elasticity and sales," says Manish Taneja, cofounder of Purplle.com.
He adds that the platform will grow its beauty services business ...