India Roundup: Sequoia-backed Purplle raises $75m, and more (Updated)

Update (Oct 29, 7.30 p.m.): Adds news about Purplle and Beta Finance

Sequoia-backed online beauty platform Purplle nets US$75 million

• Online beauty platform Purplle has raised US$75 million in a funding round led by Kedaara. Exisiting investors Sequoia Capital India and Blume Ventures also participated in the round.
• The company will use the funds to develop its tech capabilities, increase hiring, introduce new products and brands, and create a treasure chest for potential acquisitions.
• Purplle is a homegrown marketplace with 7 million monthly active users. It aims to post a 6x to 8x growth in its business within the next five years.

Nykaa raises US$320 million from anchor investors

• FSN E-Commerce Ventures, which operates under the Nykaa brand name, has seen its initial public offer reportedly oversubscribed by 1.5x on its opening day.
• The firm raised nearly US$320 million from over 170 institutional investors.
• Nykaa’s initial public offering could propel its valuation to US$7.1 billion. (Read: 8 shades of Nykaa’s pre-IPO presentation)

Facebook-backed Meesho launches US$5.5 million ESOP program 

• Meesho, a Facebook-backed social commerce platform, has reportedly launched an employee stock ownership plan (ESOP) liquidity program worth US$5.5 million for all eligible current and former employees with vested stocks.
• The buyback program will take place next month.
• This will be Meesho’s second ESOP buyback in less/ than a year and its third since 2020.

Sequoia leads US$5.75 million round in fintech startup 

• Beta Finance, a decentralized finance (DeFi) platform that allows users to lend, borrow, and short crypto assets on a single platform, has raised US$5.75 million.
• Sequoia Capital India led the round, with participation from ParaFi Capital, DeFiance Capital, Spartan Group, GSR, Delphi Digital, and Multicoin Capital.
• The company aims to create the infrastructure needed to combat extreme price volatility in the cryptocurrency space.