Purplle, a beauty and personal care e-commerce platform has acquired Faces Canada, a cosmetics and skincare brand. Sequoia Capital is a sponsor of both companies.
Purplle raised $60 million from Premji Invest, the family office of Wipro founder and chairman Azim Premji, earlier this month, valuing the direct-to-consumer (D2C) brand at $630 million. The company had just received $75 million from Kedaara Capital a few weeks before.
“With a strong existing portfolio, this acquisition will elevate our makeup portfolio with international high-quality, innovative products. We will jointly scale to the next level tapping diverse set of consumers,” Manish Taneja, co-founder, and chief executive of Purplle.com, said.
To expand its footprint in the beauty sector, the company is considering many further tuck-in acquisitions. In March, the company raised $45 million (about Rs 330 crore) from Sequoia Capital India and previous investors such as Verlinvest, Blume Ventures, and JSW Ventures. At the end of 2019, it has raised $30 million in Series C funding sponsored by Goldman Sachs.
Purplle’s beauty brands include Good Vibes, NY Bae, and Purplle, founded in 2012 by Taneja and Rahul Dash. It has a monthly active user base of seven million people.
“Through this partnership, we aim to amplify our shared values, resources and reach untapped pockets of the country. The synergy will further our agenda of building the most comfortable international quality cosmetics accessible for Indian consumers,” said Kunal Gupta, chief executive of Faces Canada.
Under Purplle.com, Faces will continue to operate independently and expand its current portfolio.
Purplle offers over 1,000 brands and 50,000 products in makeup, skincare, haircare, personal care, fragrances, and grooming appliances.
According to a report, the platform plans to complete the current financial year with an annualized Gross Merchandise Value (GMV) run rate of Rs 1,400 crore.
Over the last few months, the beauty market has been buzzing.
