Leadpreneur's
Success Story of Purplle...
India's #1 Beauty Destination!
About:
Established in 2011, Purplle is a multi-brand beauty retailer brand that deals in cosmetics and wellbeing products. the company is headquartered in Mumbai and has an online store that makes shopping from them easy. The company brings in some of the top products of global leaders present in the industry.
Founder, Founding Year, and HQ location:
Purplle was founded by three IIT engineers namely, Manish Taneja, Rahul Dash, and Suyash Katyayani in 2011. Its headquarters is located in Mumbai, Maharashtra.
Product marketing countries:
Purplle only ships within India.
Business Model:
It was a B2B company.
Investment:
More than $294 million has been raised for Purplle in total.
On June 9, 2022, Purplle received a $33 million extended Series D fundraising from Blume Ventures, Kedaara Capital, and PremjiInvest.
After a deal by South Korean firm Paramark Ventures, the startup's worth surpassed $1.1 billion, making it an Indian unicorn firm.
Over 13 rounds of funding have been completed by the company to date.
Company Statistics:
Purplle joined the unicorn businesses rank in 2022 and has shown a steady growth of 80% in 2021. Moreover, the company has reported net sales of INR 65 crores per month and has an impressive 7 million active customer base. Purplle sells around 60,000 items from more than 1000 businesses in its website and app combined.
Surprisingly, the company had started with an initial investment of INR 40 lakhs and had generated an INR 40,000 sales from family and friends in their first month. After that, it saw a steady growth rate of 30% month-over-month.
Brand ambassador:
Sara Ali Khan is Purplle’s first brand ambassador.
Growth:
On June 9, 2022, this rival to Nykaa became a unicorn and join the elite group of unicorn
businesses.
The most recent data for FY21 indicate that Purplle is growing by 80% year over year.
Purplle's net sales are about Rs 65 crore each month.
Purplle has 7 million active monthly users who utilise its website and app to sell more than
60,000 items from more than 1,000 businesses.
Marketing Strategy:
Personalization
Purplle has and is trying to curate a personalized shopping experience for their customers that takes into account factors like the customer’s skin and hair type. This helps them create a unique niche for themselves as a brand and makes them popular among the masses.
Going International
What makes Purplle different from its competitors and helps in its marketing is that it is the sole distributor of 12 international brands in the country including brands like Moda, Vipera, and Gravitale. International brand products account for 20% of sales in the cosmetic industry and hence, has proved to be very beneficial for Purplle.
Key facts:
● With the initial investment of Rs 40 lakhs, Purplle generated Rs 40,000 in sales from friends and family in its first month.
● Nevertheless, they gained momentum, and after the first month, they had 30%
month-over-month growth. Up until 2015, Purplle worked to create strategies for business
expansion and revenue growth.
Future:
Purpllle believes that AI is going to be a game changer in the e-commerce industry and is hopeful that social media along with the spending power of the upcoming youth is going to make the middle-class more interested in investing in beauty products and help flourish their business.