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<ul><li><keyword id="1830414" type="General" weightage="20" keywordseo="purplle" source="Orion">Purplle</keyword> is planning to set up its own network of retail stores.</li><li><keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword> has 80 stores across 40 cities, even though they contribute less than 10% to its revenue.</li><li>Purplle recently raised $75 million less than two weeks back, reportedly at a valuation of $500 million.</li></ul>Cosmetics and personal care products ecommerce platform Purplle, which competes with Falguni Nayar-led Nykaa, is planning to set up its own retail stores by March 2022. The company is still at the early stages of executing this plan and will take concrete steps in this direction by the end this year, Purplle’s Cofounder and Chief Executive (CEO) Manish Taneja told Business Insider. Purplle — which claims to have an annualised revenue of ₹750 crore — will start a pilot programme by setting up 3-4 stores in one city to test out the traction and the impact it has on the business, before making further plans. The company intends to expand the retail store chain further in the next two-three financial years. “I think offline is a huge market and we will love to be a player in it as well... We would like to have a significantly solid play in the omnichannel or offline model,” Taneja added. He believes that the offline stores would help the company get more brand recognition, increase customer’s experience as well as trust. “About 85% of the people in India will still buy offline so why do you leave out that market for someone else,” Taneja said. <div type="image" title="Half a billion dollar worth Purplle is now taking the next step to take on Nykaa" msid="87669372" hostid="261"></div> Nykaa — which listed on the stock exchange on November 10 <a href="https://www.businessinsider.in/stock-market/news/nykaa-starts-trading-at-2001-a-premium-of-77-87/articleshow/87618803.cms">at a premium of 77.8% </a>— also relied on this omnichannel approach to gather more customers’ interest and further boost its reputation. Even though the cosmetics stores make for less than 10% of Nykaa’s overall business, the company still plans to use the proceeds from the recent IPO to set up more retail stores. The company, sitting on a market cap of $14 billion, has 80 retail stores across 40 cities. Anchit Nayar, chief executive of Nykaa’s beauty ecommerce business, previously highlighted that the omnichannel approach is an important one for them especially in the beauty space. It not only allows the customers to physically test out the product, but also leads to greater trust. Both Nykaa and Purplle started off their journey in 2012 and 2011, respectively. Purplle recently raised $75 million less than two weeks back, <a href="https://www.moneycontrol.com/news/business/startup/exclusive-purplle-eyes-500-million-valuation-amid-nykaa-ipo-7459501.html">reportedly</a> at a valuation of $500 million. It will use this capital to enhance its technology stack and incubating as well as acquiring more smaller startups. The company has already acquired three startups in the beauty and personal care space, namely Stay Quirky, Carmesi, Juicy Chemistry. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/zomatos-investment-turns-curefit-into-indias-36th-unicorn-of-2021/articleshow/87640767.cms" data-type="tilCustomLink">Cult.fit’s parent company Curefit is the 36th unicorn in town</a> <a href="https://www.businessinsider.in/business/corporates/news/zomato-has-closed-all-international-operations-in-uk-us-singapore-and-lebanon/articleshow/87639773.cms" data-type="tilCustomLink">Zomato has officially pulled out of all international markets</a> <a href="https://www.businessinsider.in/business/corporates/news/nykaa-is-now-bigger-than-coal-india-britannia-irctc-and-almost-double-of-hero-motocorp/articleshow/87635312.cms" data-type="tilCustomLink">Nykaa is now bigger than Coal India, Britannia, IRCTC and almost double of Hero MotoCorp</a>

Half a billion dollar worth Purplle is now taking the next step to take on Nykaa

<ul><li>The investment, which is <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>’s first in an Indian consumer brand, pegs <keyword id="3030142" type="PERSON" weightage="20" keywordseo="MyGlamm">MyGlamm</keyword>’s valuation at $100 million.</li><li>Founded in 2017 by Darpan Sanghvi and co-founded by Priyanka Gill, MyGlamm competes with the likes of SUGAR, Purplle, Plum among others.</li><li>MyGlamm now records revenues 200% of pre-Covid levels and also claims to have achieved EBITDA profitability.</li></ul>Direct-to-consumer (DTC) beauty and skincare brand MyGlamm has raised ₹175 crore from Amazon, <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> Consumer and Ascent Capital. The investment, which is Amazon’s first in an Indian consumer brand, pegs MyGlamm’s valuation at $100 million. However, Amazon’s individual investment amount remains undisclosed. Founded in 2017 by Darpan Sanghvi and co-founded by Priyanka Gill, MyGlamm competes with the likes of SUGAR, Purplle, Plum among others. MyGlamm has over 600 products across makeup, skincare and personal care, with a content-to-community-to-commerce platform approach. “We are really excited about all that we will be able to learn from both, Amazon and Wipro Consumer along with the financial rigour that Ascent Capital brings, as we move forward to fulfil our vision of building India’s largest beauty company leveraging DTC, digital, and data,” said Sanghvi in a statement. MyGlamm had earlier <a href="https://www.businessinsider.in/business/startups/news/popxo-gets-acquired-by-mumbai-based-beauty-commerce-platform-myglamm/articleshow/77398634.cms">acquired</a> six-year-old <keyword id="3128172" type="PERSON" weightage="20" keywordseo="POPxo">POPxo</keyword>, the online community startup for women. With the acquisition, POPxo’s investors Chiratae Ventures, Kalaari Capital, and Neoplux Venture Capital had joined the board of MyGlamm. Along with a digital presence, MyGlamm also focuses on offline retail with over 10,000 points of sales across 70 cities in India. The company, which claims to have grown by 400% in 2019, had to halt its Series C round, initially intended to be closed by April 2020, due to the COVID-19 pandemic. However, the company said that from zero revenue during the months of strict lockdown, MyGlamm now records revenues 200% of pre-Covid levels and also claims to have achieved EBITDA (earnings before interest, taxes, depreciation, and amortization) profitability in December 2020. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/indian-spacetech-startup-pixxel-space-gets-7-3-million-funding-before-the-launch-of-its-first-satellite/articleshow/81562421.cms">Indian spacetech startup Pixxel gets $7.3 million in funding as it announces a new product even before the launch of its first satellite</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-adds-3-times-more-subscribers-than-reliance-jio-vodafone-idea-turns-positive-for-the-first-time-in-15-months/articleshow/81562851.cms">Airtel adds 3 times more subscribers than Jio while Vodafone Idea gets net addition first time in 15 months</a> <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-future-group-appeals-to-the-singapore-arbitrator-to-exclude-future-retail-from-the-fight-with-amazon/articleshow/81562016.cms">Ahead of Delhi High Court's decision, Future Group appeals to the Singapore arbitrator to exclude Future Retail from the fight with Amazon</a>

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Half a billion dollar worth Purplle is now taking the next step to take on Nykaa

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Amazon, Wipro Consumer and Ascent Capital invest in beauty brand MyGlamm

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