Both the companies are backed by Sequoia Capital.
The acquisition comes after Purplle
raised $60 million last month from Premji Invest, the 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.
“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 diverse set of consumers,” Manish Taneja, cofounder and chief executive of Purplle.com, said.
ET was the
first to report about the acquisition on November 18.
In March, the company raised
raised $45 million (about Rs 330 crore) from investors led by Sequoia Capital India and existing backers including Verlinvest, Blume Ventures and JSW Ventures.
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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, ET reported last month.
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.
“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,” said Kunal Gupta, chief executive of Faces Canada.
Faces will continue to operate independently and extend its existing portfolio under Purplle.com.
Purplle has a catalogue 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 annualised Gross Merchandise Value (GMV) run rate of Rs 1,400 crore, according to a statement.
The beauty space has been abuzz over the last few months.
Omnichannel beauty retailer Nykaa, which had a bumper public market debut last month, acquired skincare brand Dot & Key earlier this year. The Good Glamm Group recently bought out baby and mother care brand The Moms Co and is said to be in advanced talks to acquire premium beauty brand St Botanica.
Mamaearth, too, has raised $50 million in a round led by Belgian investment fund Sofina Ventures, valuing the D2C personal care brand at $730 million.
