With the help of the giant ring, India’s vertical e-commerce platform has quietly grown
In recent days, Indian beauty vertical e-commerce platform Purplle has been financed by the Belgian investment company Verlinvest for $ 8 million. This round of financing is part of its Series C financing. Purplle plans to use the funds from Verlinvest to strengthen its supply chain, improve its innovation and technology capabilities, and build its brand.
Purplelle received a $ 30 million Series C round led by US investment firm Goldman Sachs last month, with original investors JSW Ventures, Blume Ventures, and IvyCap Ventures co-investing. Last September, Indian media inc42 reported that Purplle said it plans to complete a $ 42 million Series C financing. Currently, the total financing amount of Purplle amounts to USD 47.1 million.
Purplle was founded by Manish Taneja and Rahul Dash in 2011. The products on the platform mainly include cosmetics, beauty products and equipment, and health products. Currently, there are more than 650 brands and 50,000 products on the Pumplle platform. International brands such as Maybelline and Revlon are on the platform.
Purplle also owns its own brand, StayQuirky, which contributes a lot of revenue to the company. A 2018 report showed that 47% of the nail polishes sold on the Pumplle platform were from StayQuirky.
Purlle has been profitable in 2018, according to Indian media YourStory. This is ahead of its biggest competitor, Nykaa, which achieved breakeven in fiscal 2019.
Nykaa, which was also born in Mumbai, like Purplle, is also an e-commerce platform for beauty and beauty products. Although one year younger than Purplle, Nykaa has far more brands and users than Purplle. Crunchbase data shows that the monthly access to the Pumplle platform is around 3.1 million, while Nykaa reaches more than 20 million. At the same time, Nykaa’s official website shows that there are more than 1,200 brands on its platform.
In addition to the online beauty e-commerce platform, Nykaa also opened more than 50 offline stores in India, and recently launched clothing-based fashion e-commerce platform Nykaa Fashion and men’s skincare. Nykaa Man and other businesses.
As of 2019, Nykaa has completed the E round of financing, with a total financing amount of more than 90 million US dollars and a valuation of more than 700 million US dollars. It is moving towards the Unicorn Club.
The quasi-unicornIn addition to Nykaa, Purlle’s competing products are also SUGAR Cosmetics, which was also born in Mumbai and completed nearly $ 10 million in financing in February 2019, as well as e-commerce platforms for makeup and beauty products such as NewU and Lusso Liv.
However, at the beginning of Purplle’s rise, giants Amazon and Flipkart already established themselves in India’s e-commerce market, but Purplle still got a share of the giant’s teeth. A few days ago, India ordered an antitrust investigation on Amazon and Flipkart. This may be a boost to local e-commerce platforms such as Purplle.
According to the FICCI report, the Indian beauty market reached US $ 500 million in 2017, and it was among the top ten globally in 2016, and will continue to grow in the future.
文 | 杨雅琪 @ 出海
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