Purplle: Elevate Your Beauty Game with Purplle's Wide Range of Products

Purplle: Elevate Your Beauty Game with Purplle's Wide Range of Products
Purplle Company Profile

Starting from clothes to medicines, everything is within our reach with just a few clicks now in the digital era that we are living in. The same goes for skincare and haircare products, cosmetics, and fragrances.

The skincare, haircare, cosmetics, beauty products, and the markets for all of them are growing at breakneck speeds. Thus, more and more companies are diving into the beauty industry with their unique offerings. Purplle is one such example of an e-commerce beauty brand that is growing in its unique way to compete with the bigger players in the industry.

Founded in 2011 and headquartered in Mumbai, Maharashtra, Purplle is an Indian multi-brand beauty retailer selling cosmetic and wellness products.

With the help of its online store and an ever-growing list of cosmetics, fragrances, skin, and hair care products, Purplle is fast becoming a favorite. It gives an online space to beauty and wellness needs that showcase beauty brands and products. Purplle aims to take the shopping experience to a different level.

Here we bring you the success story of Purplle, where you can learn about the Founder, Mission and Vision, Business Model, Competitors, Challenges Faced, Future Plans, and more.

Purplle Company Profile

Startup Name Purplle.com
Headquarters Mumbai, Maharashtra, India
Sector Online shopping, Cosmetics
Founders Manish Taneja, Rahul Dash and Suyash Katyayani
Founded 2011
Valuation $1.25 billion (June 2024)
Website purplle.com

About Purplle
Purplle - Industry
Purplle - Founders and Team
Purplle - Shareholding
Purplle - Startup Story
Purplle - Mission and Vision
Purplle - Name, Tagline and Logo
Purplle - Business Model
Purplle - Revenue Model
Purplle - ESOPs
Purplle - Challenges Faced
Purplle - Funding and Investors
Purplle - Acquisitions
Purplle - Growth
Purplle - Advertisements and Social Media Campaigns
Purplle - Competitors
Purplle - Future Plans

About Purplle

Purplle is an operator of an online beauty shopping store created to buy skincare products based on people's hair and skin type and other personal choices.

It is an online portal with a large collection of cosmetics, skincare, haircare & fragrances. It showcases some of the best products from the leading brands in the world at the best prices. Purplle Cosmetics aims to take the users' shopping experience to a completely different level by enabling the consumers to have a personalized shopping experience taking skin and hair type into account. They also have a brilliant customer service department that can be accessed via their customer care number.

Purplle - Industry

The Indian cosmetics market is anticipated to generate US $6.45 billion in sales in 2024, according to a Statista report analysis. From 2024 to 2028, the industry is likely to increase at an estimated annual rate of 2.86%.

Purplle - Founders and Team

Manish Taneja (Co-Founder, CEO, and Managing Director), Rahul Dash (Co-Founder), and Suyash Katyayani (Co-Founder and CTO) are the founders and owners of Purplle. They founded Purplle in 2011.

Manish Taneja - Co-Founder, CEO and Managing Director, Purplle.com
Manish Taneja - Co-Founder, CEO and Managing Director, Purplle.com

Manish Taneja

Manish is an IIT Delhi alumni, who completed his Bachelor's and Master's in Electrical Engineering from IIT Delhi. Taneja then went to the CFA Institute, where he completed Level 3, Finance. The Co-Founder, CEO, and Managing Director of Purplle started as an Intern at Ittiam Systems.

He then worked as an Analyst at Lehman Brothers; an Analyst and Associate at Avendus Capital, and eventually as an Analyst - Private Equity at Fidelity Growth Partners India. Manish Taneja finally decided to found his beauty firm, Purplle. Manish Taneja was a second-time entrepreneur when he started Purplle.

Rahul Dash

Rahul Dash - Co-Founder, Purplle.com
Rahul Dash - Co-Founder, Purplle.com

Rahul Dash is the Co-Founder of Purplle, who previously worked as a Senior Manager - Strategy and Business Development at the Tata Power Company. Furthermore, he was also appointed as a TAS Manager at Tata Chemicals Ltd after serving as a TAS Manager at Tata Advanced Systems Ltd. and Tata Motors.

Rahul was a Mechanical Engineering student at IIT Kharagpur, who completed his Bachelor's degree from IIT Kharagpur. Dash then went on to obtain a PGDM in General Management from IIM Ahmedabad.

Suyash Katyayani

Suyash Katyayani - Co-Founder and CTO, Purplle
Suyash Katyayani - Co-Founder and CTO, Purplle

Suyani is known as the Co-Founder and CTO of the brand. Katyayani had been a student of DPS Bhilai and is also an alumnus of IIT Kharagpur, where he completed his BTech in Chemical Engineering. Suyash had earlier co-founded VidyaCenter, which makes Purplle his second attempt at entrepreneurship. Katyayani started his career as a Software Engineer at OnMobile.

The Purplle team is 1,001 - 5,000 strong.

Purplle - Shareholding

Purplle shareholding pattern is mentioned as below:

Shareholders Percentage
Maverick 16.21%
Blume Venture 5.13%
ESOP 4.42%
Others 12.17%
Manish Taneja 7.64%
Rahul Dash 5.41%
Suyash Katyayani 1.27%
Vinay Menon 1.20%
Nikhil Vora 1.90%
Ivy Cap Ventures 3.23%
JSW 3.10%
Kedoara Capital 8.43%
Premji Invest 8.43%
Sequoia 5.75%
Verlinvest 15.71%

Purplle - Startup Story

Purplle, founded as a strategic move into the beauty segment, initially contemplated furniture and fashion but chose the latter due to lower initial investment requirements. Purplle was formed as a strategic move into the beauty category. Purplle began with small savings, and after the first month, sales took up. From then on, the company had extraordinary growth up until 2015.

After five years, Purplle realized that they needed to evolve and took advantage of their data stack, using the acquired insights into consumer behavior as their USP. Purplle went beyond online shopping in 2017 and established its first physical location in Mumbai. The store provides customized product recommendations based on customer preferences and makes use of cutting-edge technology to improve the overall customer experience.

Purplle, which specializes in skincare, makeup, haircare, body care, and beauty appliances from more than Indian and foreign companies, is always coming up with new ideas. It also expanded its services to include salon scheduling.

Purplle - Mission and Vision

Purplle's mission: "Purplle gives an online space to your beauty and wellness needs. We showcase some of the best products from the leading brands in the world. It aims to take your shopping experience to a completely different level. We know shopping infuses an incomparable high."

The vision of the Purplle company is to grow as one of the most popular brands in the cosmetics and beauty industry as an online retailer.

Purplle - Name, Tagline, and Logo

Purplle - Name, Tagline, and Logo
Purplle - Name, Tagline, and Logo

The Purplle logo is in purple, signifying the name and the taste of modern women. The company offers cosmetics, fragrances, skin, and hair care products at the best available prices and, thereby, is loved by women and girls all around.

Purplle has selected its tagline to be India's #1 Beauty Destination.

Purplle - Business Model

Purplle is a direct-to-consumer (D2C), retailer of beauty items, with a focus on a broad selection of cosmetics available via its eCommerce website and app. Purplle has entered the private label market by launching its in-house brand, StayQuirky, in addition to selling goods from other brands.

In addition to increasing its brand visibility, this enables Purplle to provide its clients with special products. Additionally, Purplle leverages technology to offer services like virtual try-ons and product recommendations, all while focusing on delivering a smooth and customized shopping experience.

Purplle - Revenue Model

Purplle generates revenue from different resources:

  • Purplle generates income from fees and commissions: Fees charged to sellers for listing their products in the marketplace and commissions on products sold on the platform.
  • Advertising on the app and website: Brands and companies wishing to reach Purplle's client base purchase advertising space on the app and website, which accounts for a sizeable amount of Purplle's earnings.
  • Partnerships and commission-based services: Purplle further diversifies its revenue streams by partnering with beauty brands and charging for commission-based services like salon reservations.

Purplle - ESOPs

Purplle expanded its ESOP pool size, making it worth $40 million as of May 13, 2022. The Purplle board has passed the resolution for the expansion of its existing ESOP pool to include 6,806 ESOP options, where each option will be converted into equity shares, as per the regulatory filings of the company with the Registrar of Companies.

With this expansion of the Purplle ESOP pool, the company joins the list of other Indian companies, including Pine Labs, Ather Energy, Ecom Express, Ninjacart, LEAP, and more.

Purplle - Challenges Faced

As Purplle went through many stages in its business cycle, it faced many challenges in growing its business and establishing itself as one of India's top skincare and makeup brands. It was difficult for Purplle to maintain its leadership position in the business because of the fierce competition in the market and the influx of several companies into the e-commerce area. Furthermore, in the face of growing competition, it was critical to establish distinction and brand identification, even though this presented substantial challenges.

Despite the market saturation, gaining new customers still required large marketing and promotional budgets. The obstacles Purplle experienced in its pursuit of expansion and success in the cosmetics and skincare industry were further compounded by the need to adjust to changing trends and consumer preferences, ensure operational efficiency, and navigate regulatory compliance.

Purplle - Funding and Investors

Purplle has raised a total of $416.1 million in 19 funding rounds to date with their latest round in June 2024. In this round, Purplle raised â‚ą10 billion at ($120 million) a $1.25 billion valuation and the lead investor was Abu Dhabi Investment Authority (ADIA).

Purplle is currently funded by around 21 investors.

Date Round Amount Lead Investors
June 12, 2024 Secondary Market - -
June 12, 2024 Private Equity Round $120 million Abu Dhabi Investment Authority
Oct 4, 2023 Secondary Market - Ranjan Pai
May 24, 2023 Secondary Market - Abu Dhabi Investment Authority
May 24, 2023 Series E - Abu Dhabi Investment Authority
June 9, 2022 Series D $33 million Paramark Ventures, Blume Ventures, PremjiInvest, Kedaara and more
January 17, 2022 Series D $34 million Faces Investment Holdings
November 18, 2021 Series D $60 million PremjiInvest
October 29, 2021 Series D $75 million Kedaara Capital
Mar 22, 2021 Series D $45 million Sequoia Capital India, Verlinvest
Nov 23, 2020 Venture Round $1 million Spring Marketing Capital
Jan 13, 2020 Series C $8 million Verlinvest
Dec 12, 2019 Series C $30 million Goldman Sachs
Jun 20, 2018 Venture Round $2.33 million -
Dec 15, 2017 Series C $459K Mountain Pine Capital, Suncoast Investments
Jul 11, 2016 Series B $6 million JSW Ventures
Jan 5, 2015 Venture Round - IvyCap Ventures
May 2, 2014 Angel Round $541.2K -
Aug 26, 2013 Series A - -

Purplle - Acquisitions

Purplle acquired FACES CANADA on December 18, 2021. This is the first major acquisition of the Mumbai-based beauty products marketplace. After the acquisition, the latter is to operate independently and expand its portfolio.

Purplle - Growth

Purplle growth highlights are:

  • It has 1,000+ listed brands as of March 2024
  • It has 60,000+ products as of March 2024
  • It has 7 million+ monthly active users as of March 2024
  • The company has 8 exclusive stores as of 2022
  • Purplle has 6,000+ offline touchpoints as of 2022

Financials

Purplle Financials FY22 FY23
Operating Revenue INR 219.8 crore INR 474.9 crore
Profit/Loss Loss of INR 203.6 crore Loss of INR 230 crore
EBITDA -84.9% -41.56%

In FY22, Purplle reported operating revenue of INR 219.8 crore, which saw an increase to INR 474.9 crore in FY23. However, the company recorded a loss of INR 203.6 crore in FY22, which increased to INR 230 crore in FY23. The EBITDA margin also showed improvement, moving from -84.9% in FY22 to -41.56% in FY23.

Purplle - Advertisements and Social Media Campaigns

#Har Indian Ka Beauty Destination

The campaign, which features brand spokesperson Sara Ali Khan, aims to inspire women to discover their unique beauty needs. The advertisement emphasizes the idea that Purplle offers beauty products to suit every Indian's needs.

Purplle - Competitors

The top competitors of Purplle are:


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Purplle - Future Plans

Purplle plans to tap the public markets between the second half of next year and early 2026, CEO Manish Taneja said in an interview.

With this financing of $120 million aided by AIDA in June 2024, Purplle will be able to grow its product line, scale operations, and solidify its place in the skincare and cosmetics industry, all while facilitating the exit of its original investors.

FAQs

Is Purplle an Indian company?

Yes, Purplle is an Indian company.

What is Purplle?

Purplle is an online store that sells cosmetics, fragrances, skin, and haircare products.

Who is the CEO of Purplle?

Manish Taneja is the CEO of Purplle.

Are products on Purplle genuine?

Purplle claims that it has products, which are 100% genuine.

Who founded Purplle cosmetics?

Purplle is founded by Manish Taneja and Rahul Dash.

Is Purplle a unicorn Indian company?

Yes, Purplle has turned into a unicorn Indian company by raising $33 mn via its extended Series D round that came in on June 9, 2022.

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