Mumbai, India-based online beauty and personal care brand Purplle raised USD 33 million in funding. The round took place on June 9, 2022. South Korea’s Paramark Ventures led the Series E round for Purplle. Meanwhile, existing investors Premji Invest, Blume Ventures, and homegrown private equity firm Kedaara Capital also participated in the funding round.
With the recent investment, Purple has become India’s 102 unicorns. So far, the Sequoia-backed firm has raised USD 215 million in equity. The valuation of the startup stands at USD 1.1 billion.
Purpose of Funding for Purple
The company plans to use the latest capital infusion for investing in technology. Besides, Purple seeks to penetrate deeper into the Indian market.
The online beauty and personal care brand will also scale its private brands and industry-first innovations.
What the founders have to say
“We are humbled by the conviction of our investors in brand Purplle, being a testament to the value we have created over the years. We welcome our new investor, Paramark Ventures, and look forward to cross-country synergies. The infusion is an opportunity to further our mission of building the beauty industry in India with technological investments, scaling of our private brands, and industry-first innovations. Staying true to our purpose of making Purplle ‘Har Indian Ka Beauty Destination’, we are strongly positioned for the next phase of accelerated growth,” said Manish Taneja, Co-founder and CEO of Purplle.com
What the investor has to say
Chunsoo Kim, Founder and Managing Partner of Paramark Ventures, “We have been tracking Purplle for several years now. We are deeply impressed with the team and platform that the founders have built over the years and are glad to be partnering with them at this stage.” “Purplle is addressing the enormous vacuum in the beauty and personal care industry in India in a way that the rising demand from massive Indian consumers can be best served beyond the limited set of customers in a few major cities. And, we find the team’s determination and endeavour to build a long-lasting business to serve such needs of the Indian market through technology and customer delight both apparent and inspiring.”
In 2011 IIT alumni Manish, Rahul Dash, and Suyash Katyayani brought Purplle into existence. The startup is a beauty and personal care e-commerce platform.
Since its inception, the Mumbai-based startup has scaled to a monthly active user base of seven million. It has over 1,000 brands and five private direct-to-consumer labels. The company claims to have scaled its GMV (Gross Merchandise Value) to USD 180 million in FY 2022.
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