Mumbai based, Beauty and skincare e-retailer, Purplle.com has raised an undisclosed amount of funding from IvyCap Ventures. The startup had also closed a Series A funding in 2013 by non-VC investors. IvyCap is in the midst of closing its new INR 900-crore fund and has deployed INR 250 crore from its first fund across six startups that are mostly in the tech space.
Purplle’s co-founder & CEO Manish Taneja told TOI that the new funds will be used to create a TripAdvisor-like marketplace for the discovery of beauty and grooming products and services. The startup is also looking to scale up its services business and tap the international markets.
Purplle.com was founded by Manish Taneja and Rahul Dash in 2011, it has made partnership with more than 7,000 salons, spas, skin care and hair care chains across Mumbai and plans to take that number up to 50,000 across 30 cities by the end of this year. Purplle offers beauty products for both men and women including fragrances, skincare, electronics, makeup, etc.
VioletBag, MedPlusBeauty, Fabbag etc are the few websites that are dealing with the beauty and skincare products. Various e-commerce website like Flipkart, Snapdeal, Amazon, Jabong, Myntra, Infibeam also offers beauty and e-commerce products. Because of the competition in this space, certain niche players in this segments either shut down or changed their business model. Urban Touch was one of the first startups in this category, which was acquired by Fashion and You for USD 30 million in 2012, was shut down a year later. LadyBlush was another company that changed its model and became an apparel store.
Image Source: Purplle.com