Goldman Sachs secures $8Mn stake in Purplle’s angel investors
Category: #headlines  By Pranali Mehta  Date: 2020-07-06
  • share
  • Twitter
  • Facebook
  • LinkedIn
Goldman Sachs secures $8Mn stake in Purplle’s angel investors

American investment bank and financial services firm, Goldman Sachs Group, Inc. has recently acquired a stake in online beauty and cosmetic retailer, Purplle’s two angel investors. For the uninitiated, in 2019, Goldman Sachs had led a $30 million Series C funding round, following which it acquired share from investors worth around $8 million (Rs 60 crore), while existing and former employees sold around $1.6 million (Rs 12 crore) stake holding to Belgium-based investment company Verlinvest. 

Founded by Manish Taneja, Rahul Dash, and Suyash Katyayani, Purplle is an eight-year-old startup that sells makeup products and fashion accessories as well as wellness products for both men and women on its online platform.

Confirming the development, Mr. Dash said that some of its old employees, as well as current ones, have sold their part/full vested ESOPs in the deal. Meanwhile, Mr. Taneja said that that the e-commerce portal has bagged total sales of worth $50 million in GMV (gross merchandise value) in 2019, and the firm is aiming at achieving GMV sales of around $85 million to $100 million by the end of 2020.

Purplle currently operates around 800 beauty and personal care brands. It also owns a private label that competes directly and indirectly against leading online beauty products retailer, Nykaa. Apart from this, the private label also provides makeup content and video guides made by bloggers.

Taneja claims that their firm is planning to add a total of 1400 brands by the end of 2020. The company also stocks around 40,000 SKUs (stocks keeping units), which is anticipated to reach up to 60,000 to 70,000 by the end of this year.

Recently, Purplle’s share of sales across metro cities fell by 15% during the coronavirus lockdown period, while shares of sales from Tier-2 and Tier towns surged to around 70% in the last 3 months.

Source Credit: https://entrackr.com/2020/07/goldman-sachs-acquires-purplle-stake-secondary-buyout/

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Air New Zealand exploring low-carbon tech to reduce fleet emission
Air New Zealand exploring low-carbon tech to reduce fleet emission
By Pranali Mehta

Air New Zealand Ltd. recently stated that it is learning to utilize low-carbon technologies such as hybrid, electric, or hydrogen-powered aircraft to drastically cut emissions from shorter and regional flights by 2030. Aviation accounts for about 2....

Siemens Gamesa raises capacity of 5.X wind turbine platform to 6.6MW
Siemens Gamesa raises capacity of 5.X wind turbine platform to 6.6MW
By Pranali Mehta

Renewable energy major, Siemens Gamesa has successfully increased the capacity of its next-generation onshore wind turbine platform, the Siemens Gamesa 5.X. With this upgrade, output of the platform’s SG 6.6-155 and SG 6.6-170 turbines has bee...

Amazon launches its largest fulfillment center in Bengaluru, India
Amazon launches its largest fulfillment center in Bengaluru, India
By Pranali Mehta

E-commerce major Amazon India has unveiled the largest fulfillment center in Bengaluru, which reportedly comes with a capacity of over 2.4 million cubic feet. The company mentioned in its official statement this new infrastructural expansion will pr...