Fashion portal Purplle.com has raised its first round of institutional funding from IvyCap Ventures. The funds will be used to create a TripAdvisor-like marketplace for discovery of beauty and grooming products and services. Purplle's earlier investors include Mumbai Angels, the Chennai Angels and early-stage investment fund Blume Ventures.
Founded by IIT-Delhi alumnus Manish Taneja and IIM-Ahmedabad graduate Rahul Dash, Purplle has claims to have tied up with more than 7,000 salons, spas, skin care and hair care chains across Mumbai and plans to take that number up to 50,000 across 30 cities by the end of this year. The company aims to close 2015 with annualized sales of $30-40 million.
Source: Times of India
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