New Delhi: Mumbai-based beauty products and services marketplace Purplle (Manash Lifestyle Pvt. Ltd) on Monday said it has raised an undisclosed amount from JSW Ventures along with existing investors Ivy Cap and Blume Ventures.
The company will use the fund for technology enhancement and expansion.
The news was first reported by The Economic Times on Monday.
The company was founded by Manish Taneja and Rahul Dash in 2012.
“Since we founded the company, we were very clear to focus on fundamentals, invest in technology, processes and product; cut the frills. This philosophy has helped us to have a varied and deep product portfolio, a large market size and start generating profits,” said Taneja.
“This funding will be directed towards strengthening our technology to enable content driven beauty discovery, create deeper salon integration and expanding our supply to include exclusive brands and our own labels,” he added.
The company last raised an undisclosed amount in its Series A round from IvyCap Ventures.
According to its website, it has listed 13,546 salons and spas over 10 cities, including Delhi and the National Capital Region, Pune, Kolkata, Lucknow and Bengaluru.
“In a $15 billion fragmented beauty segment, Purplle has leveraged technology to create a consumer brand. We are very excited about the company’s prospects and will keep backing them in future as well,” said Vikram Gupta, Ivy Cap Ventures.
The company competes with the likes of Nykaa.com (FSN Ecommerce Ventures Pvt. Ltd). Nykaa raised $9.5 million in October and is also looking to raise Rs.90-100 crore in the next 6-10 months.