Mumbai-based e-commerce firm, Purplle is planning to float its initial public offering in the next 3-4 years. The online beauty and wellness store operator made this announcement just after Nykaa launched its initial share sale.
To know more about what lies ahead for Purplle, read on.
Purplle Aims to Keep on Building Momentum
The CEO of the company, Manish Taneja, believes that it is the ideal time for the company to expand, considering that the beauty segment has a lot of momentum right now. Before launching its public issue, Purplle is looking to scale its operations at a growth rate of 80% on a year-over-year basis. Once this company manages to up-scale, its profitability can increase owing to reduced costs.
Purplle Raises Funds Worth Rs. 555 Crores Roughly
On 29 October 2021, Friday, Purplle announced that it raised approximately $75 million or Rs. 555 crores in its latest funding round. Blume Ventures, Sequoia Capital India, and Kedara were the leaders of this funding round. Purplle aims to achieve the following objectives by utilising the funds:
- Delivering 6-8 times growth in the upcoming five years via both organic as well as inorganic operations
- Increasing its global presence
As of now, Purplle has a gross merchandise value (GMV) of $150 million. The main aim of this company will be to extend its market share in India over the forthcoming 3 or 4 years. It plans on becoming one of the leaders in the beauty segment before entering other markets. The company will not stop investing in technology. Furthermore, it will continue to introduce products that are data-backed.
Key Highlights of Purplle
Here are some noteworthy highlights of Purplle:
- Purplle’s revenue stood at Rs. 86.8 crores on 2 November 2021.
- The company recorded a GMV of Rs. 350 crores in FY20.
- Purplle has raised funds worth $168.6 million over 11 funding rounds.
- Manash Lifestyle, the company operating the e-commerce platform, Purplle.com has transitioned to a marketplace model from an inventory model.
Following the new funding round, Purplle will have adequate funds to reinforce its capabilities concerning technology. Furthermore, the company may invest in talent acquisition and development, introducing new product lines, and growth acceleration.
Keeping in mind that the company will take a few more years to launch its IPO, individuals can consider applying for any of the forthcoming public issues. That said, make sure to consider various factors, such as strengths, weaknesses and financials of the company before subscribing to its IPO.
Frequently Asked Questions
- Who are some of the most recent investors of Purplle?
The most recent investors of Purplle are Sequoia Capital India and Blume Ventures.
- How many investors does Purplle have?
Till now, Purplle has a total of 16 investors.
- In which year was Purplle founded?
Purplle was founded in 2012 by Rahul Dash and Manish Taneja.