Branding and marketing-focused fund Spring Marketing Capital has made its first investment of $1 million from its maiden fund in Purplle, a beauty e-commerce platform.
Purplle is backed by Blume Ventures, IvyCap Ventures, JSW ventures.
It raised more than $30 million last year from Goldman Sachs and Verlinvest, the Belgian investment holding company, in its Series C funding round.
Launched in 2011, Purplle has a revenue run rate of around Rs 500 crore as on date and is earnings before interest, tax, depreciation and amortisation (Ebitda) break even, said Manish Taneja, co-founder, Purplle.
According to Taneja, the company might soon look to expand to other countries. “Unlike other creative agencies that work ..
It has some startups founders and other GPs as other backers.
Launched last year by Raja Ganapathy, the former chief marketing officer of Sequoia Capital India, along with Vineet Gupta, ex-group chief executive of DDB Mudra and Arun Iyer, former chairman of Lowe Lintas, Spring looks to invest in early-stage, consumer-facing startups.
“We have spent a lot of time with the Purplle founders and are very impressed with their vision to create an online beauty platform out of India. ..