Purplle raises $34 mn from Sequoia affiliate at greater than $700 mn valuation – VCCircle

On-line magnificence merchandise market Purplle, operated by Mumbai-based Manash Way of life Pvt Ltd, has raised a bit of over $34 million (Rs 257.43 crore) as part of its Sequence D1 funding spherical at a valuation of greater than $700 million, led by Faces Funding Holdings–an affiliate of Sequoia Capital, based on a regulatory submitting.
Blume Ventures and investor Sangeeta Pendurka participated within the funding spherical that values Purplle at $716.35 million, based on VCCircle estimates. Faces Funding Holdings, alone invested Rs 238 crore, whereas Blume Ventures invested Rs 17.81 crore with the remainder coming from Pendurka.
As part of the transaction, Purplle allotted 5,608 Sequence D1 compulsorily convertible desire shares (CCPS) at a difficulty worth of Rs 4,59,041 every.
Information web site Entrackr first reported the event, saying the funding was raised at a valuation of over $725 million. An electronic mail despatched to Purplle didn’t elicit a direct response. In line with the filings, the corporate reported a lack of Rs 51.26 crore for 2020-21 (FY21) towards a lack of Rs 24.69 crore for 2019-20 (FY20).
Purplle raised $75 million in a funding spherical in October led by homegrown non-public fairness agency Kedaara Capital and joined by Sequoia Capital and Blume Ventures. Additional, inside a month’s time, the corporate raised one other $65 million as part of its Sequence D funding spherical from Premji Make investments, taking the overall Sequence D fundraise by Purplle to $140 million.
The aggressive fundraises by Purplle comply with the stellar itemizing of its peer Nykaa, operated by FSN E-Commerce, on the bourses in November. Shares of Nykaa are up over 80% since its debut, taking the overall market capitalisation of the corporate near Rs 1 trillion.
Fundraises within the broader magnificence and private care phase have additionally risen over the previous few months. VCCircle had reported that skincare wellness model WOW Pores and skin Science, backed by ChrysCapital, was in talks to elevate $50 million at a valuation of almost $400 million. One other cosmetics model SUGAR, operated by Vellvette Way of life Pvt Ltd, was eyeing to elevate $60 million at a valuation of $500 million, VCCircle had reported.
Purplle additionally lately purchased cosmetics and skincare model, Faces Canada, which was beforehand owned by Sequoia Capital India and run by a administration group. The acquisition was for the India model solely, which is presence in over 140 cities and cities at over 1,500 beauty retail shops and fashionable commerce shops, the corporate had mentioned. The model had joined Purplle’s portfolio of of owned and bought magnificence manufacturers together with, Good Vibes, Carmesi, and NYbae.
Sequoia Capital, in the meantime, lately invested in one other private care firm Honasa Shopper Pvt Ltd, which owns manufacturers like Mamaearth and The Derma Co.
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