Everyone wants to look good. From clothing to makeup, from boots to accessories, we all set everything perfect because looks do matter.
As every person has his own story, startups do have one.
Every startup has its own success and struggle story.
The different phases of the startup journey…
The makeup, beauty, and cosmetics industry is growing at faster rates today, as people care more about their skin, hair, and beauty. In this era, where people focus more on their looks, appearance, skin and beauty care, new startups have been emerging in the industry. With the increasing number of customers, brands, market, demands, makeup, skin, and cosmetic industry is showing a boom cycle. Startups are catching this boom cycle and are writing their success story in the beauty and skincare industry.
One of the startups which has grown and has made great success in this industry is
“Purplle” Brand
History
Founded in 2011, with the headquarters in the capital city of India, Mumbai Maharashtra, Purplle is one of India’s top beauty brands.
The company is an Indian D2C E-commerce platform involved in the beauty and skincare lineup.
Purplle is involved in selling consumer beauty, cosmetics and wellness products.
This startup was founded by Manish Taneja, Rahul Dash, and Suyash Katyayani and is the fastest beauty startup to raise funds in only three months of its foundation. Initially, it was started with a small capital of around Rs. 50 lacs and has made a company of annual revenue of around Rs. 700+ crore.
Tagline
Purplle operates with a tagline “India’s #1 Beauty Destination”
Founder
The company was founded by three IITians, Manish Taneja (CEO of the company), Rahul Dash (COO of the company), and Suyash Katyayani (CTO of the company) in 2011. They aim to create Purplle India’s top and leading Beauty product brand.
Success story
The beauty brand has already been named a unicorn startup of India in just 11 years of its starting i.e. in the year 2022. Purplle is the 102nd unicorn startup in India.
Unicorn startups are the ones who reach the milestone of $1 billion valuation.
The Company was also featured in the “Forbes India 40 under 40” list
Company operations
Purplle is involved in the online beauty products and skin care products business. The company has a hard competitor which is also India’s top beauty brand and has been recently listed on the Indian stock exchange and led by Falguni Nayar “Nykaa”.
The company operates through an online website and portal where it offers a variety of beauty products, skincare, and wellness products. Purplle has been growing at a significant rate which is around 90% CAGR for the last three years. The company opened its first physical retail stores at Phoenix Market City Kurla, Mumbai, Maharashtra in 2017.
Revenue
This Indian beauty brand has a monthly revenue of around Rs. 20+ crore which concludes an annual revenue of roughly Rs.1.2 Billion. Which is a huge from other private limited companies in a similar industry. Though the company is not planning for any IPO recently but has a tremendous valuation.
Fund Raised
Purplle has raised $210+ million till 2022. The company has raised funds through various rounds since its inception. It raised around $33 million when it became a unicorn startup. This $33 million was raised from South Korea’s Paramark Venture at a valuation of $1.1 billion. Famous investment banking group, Goldman Sachs has also acquired a stake in Purplle.com of Rs. 60 crore in its fundraising round in Dec 2019.
Brand and Users
Purplle has many brands under which it operates its business. Good vibes, NY Bae, and Purplle. Purplle has around 6.5+ million subscribers and 900+ brands listed on its website. The company has also entered into a tie-up with many large saloons in India. It has around 5000+ saloons all over India which it had a tie-up with.
Valuation
The company has a valuation of $725+ million as per the last valuation. The valuation of Purplle is significantly high even from many listed companies.
Acquisition
The company has acquired another cosmetic brand in India, Faces Cosmetics India Private Limited at an undisclosed amount back in Dec 2021.
Mission and Vision of Purplle
The company has a vision to create one of the most popular cosmetic, beauty, and wellness products brands.
The company runs its business with a mission statement “Purplle gives an online space to your beauty and wellness needs. We showcase some of the best products from the leading brands in the world. It aims to take your shopping experience to a completely different level. We know shopping infuses in incomparable high”.
Challenges
During the different phases of the business cycle, Purplle also faced many challenges to expand its operations. Due to increasing heavy competition in the market and new brands entering e-commerce, it was difficult to become India’s top cosmetics and skincare brand.
Competitor
The company has three major competitors in the industry.
- Nykaa: One of the prominent rivalries of Purplle.Founded by Falguni Nayar. Recently got public in the year 2022.
- Mamaearth: Founded by Varun Alagh.
- Plum: Founded by Shankar Prasad
Future Plans
As per its vision, the company has plans to expand its business to multiple cities in India and build a no-one beauty and skincare brand in India. The company also wants to focus on the middle-class society of India’s population to expand its customer reach and operations.
Conclusion
Purplle is the fastest-growing and customer-gaining beauty startup in India. Though the company has significant rivalries in the market, it stands and fights with its competitors to turn itself into a unicorn startup and build a billion-dollar company. Purplle is showing a good CAGR and a decrease in operating losses.
FAQs
Who is the CEO of Purplle
Manish Taneja Is the CEO of Purplle.
Is Purplle a unicorn startup of India?
Yes, Purplle became the 102nd Unicorn startup of India in 2022.
