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Goldman Sachs-purchased Indian beauty e-commerce platform Purlle raises $ 8 million in Series C funding

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Recently, Purlle, a vertical beauty e-commerce platform in India, received US $ 8 million in financing from Belgian investment company Verlinvest.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.Last month, Purlle raised $ 30 million in Series C funding led by US investment firm Goldman Sachs, followed by former investors JSW Ventures, Blume Ventures, and IvyCap Ventures.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 in 2011 by Manish Taneja and Rahul Dash. 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 StayQuirky.According to Indian media YourStory, Purplle has been profitable in 2018.This is ahead of its biggest competitor, Nykaa, which achieved breakeven in FY2019.Nykaa, which was also born in Mumbai, is also an e-commerce platform for beauty and beauty products.Although one year younger than Purlle, Nykaa has far more brands and users than Purple.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 Nykaa Man, which specializes in men’s skin care.business.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.In addition to the quasi-unicorn 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 makeup and beauty products e-commerce platforms such as NewU and Lusso Liv.However, at the beginning of the rise of Purplle, giants Amazon and Flipkart already had their presence in the Indian 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 Indian e-commerce platforms such as Purplle.According to the FICCI report, the Indian beauty market reached USD 500 million in 2017 and was among the top 10 globally in 2016 and will continue to grow in the future.Text | Yang Yaqi @ 36 氪 出海 编 | Zhao Xiaochun @ 36 氪 出海 图 |

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