Purplle Procures Cosmetics Brand Faces Canada
Purplle, beauty and personal care e-commerce platform has acquired cosmetics and skincare brand, Faces Canada. Both the companies are backed by Sequoia Capital.
The acquisition comes after Purplle raised $60 million last month from Premji Invest, the Manish Taneja, Co-founder, and CEO of Purplle family office of Wipro founder-chairman Azim Premji, valuing the direct-to-consumer (D2C) brand at $630 million. Weeks prior to that, the company had mopped up $75 million from Kedaara Capital
Manish Taneja, Co-founder, and Chief Executive of Purplle.com, says, "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 a diverse set of consumers.”
In March, the company raised $45 million (about 330 crore) from investors led by Sequoia Capital India and existing backers including Verlinvest, Blume Ventures, and JSW Ventures.
It had raised $30 million in Series C funding, led by Goldman Sachs, at the end of 2019. The company is looking at multiple other tuck-in acquisitions to scale up its presence in the beauty space. Founded in 2012 by Taneja and Rahul Dash, Purplle's own beauty brands include Good Vibes, NY Bae, and Purplle. It has seven million monthly active users.
Kunal Gupta, Chief Executive of Faces Canada say, "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."
Faces will continue to operate independently and extend its existing portfolio under Purplle.com. Purplle has a catalog of more than 1,000 brands and 50,000 offerings across categories including makeup, skincare, haircare, personal care, fragrances, and grooming appliances.
The platform expects to end the ongoing financial year with an annualized Gross Merchandise Value (GMV) run rate of Rs 1,400 crore.