Mint first reported on 12 December that American investment bank Goldman Sachs and Verlinvest are leading a $40-million round in the startup.
Founded by Rahul Dash and Manish Taneja, Purplle sells makeup products and fashion accessories, as well as wellness products for men and women on its website. Besides selling renowned brands, it has also introduced its private label, along the lines of its rival, Nykaa. It also provides makeup content and guided videos from bloggers.
The capital will be used to boost supply of brands on its platform, invest in women-focused digital content, create a personalized experience for users driven by its recommendation engine and brand building.
Purplle competes directly and indirectly with Nykaa, founded by veteran investment banker Falguni Nayar, Sugar Cosmetics and skincare startup Plum, which is backed by Unilever Ventures, the venture capital and private equity arm of consumer giant Unilever.
Read more: livemint