Indian beauty, skincare and personal care e-commerce platform, Purplle has taken over popular cosmetics brand, Faces Canada.
The takeover was followed after the $60 million fund raised by Purplle last month from Premji Invest, a privately held advisory firm under the leadership of Azim Premji, founder and chairman of Wipro.
With this, the direct-to-consumer (D2C) brand was valued at $630 million one week after it secured $75 million from Kedaara Capital.
Manish Taneja, Co-founder and Chief Executive of Purplle.com, claims that leveraging its robust portfolio, the acquisition will expand the company’s makeup portfolio by adding high-quality and innovative international products.
Mr. Taneja quoted that together, Faces Canada and Purplle will achieve new milestones tapping into vast-ranging set of consumers.
Reportedly, the company raised $45 million in March from a list of investors led by Sequoia Capital India which backs both Purplle as well as Faces Canada India along with existing financiers including Blume Ventures, JSW Ventures and Verlinvest.
Going back further, the e-commerce platform raised $30 million in Series C funding round spearheaded by Goldman Sachs in late 2019.
According to reliable sources, the company is pursuing several bolt-on acquisitions, aiming to solidify its business presence in the beauty industry.
Imperative to note that the company founded in 2012 by Rahul Dash and Taneja has a range of self-designed brands such as NY Bae, Good Vibes and Purplle with monthly engagement of seven million active users.
Kunal Gupta, Chief Executive of Faces Canada, stated that the cosmetics brand aims to amalgamate and amplify the mutual values and resources of the two companies to explore consumer diversity.
Mr. Gupta also mentioned, the union will accelerate the brand’s goal to establish accessibility and comfort to high-quality international cosmetics for Indian customers.
As a part of the agreement, Faces Canada will operate independently and work on broadening its current portfolio under Purplle.com.