Beauty Unicorn Purplle Closes USD 180 Mn Series F Funding, Expanding Stake for Existing Investors The raised funding will enhance its mission to democratise beauty by leveraging technology for an improved shopping experience, making beauty products and services more accessible for all consumers.
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Purplle, an omnichannel beauty platform, has successfully closed its Series F funding round, raising INR 1,500 crore (approximately USD 180 million). This substantial investment was led by a subsidiary of the Abu Dhabi Investment Authority (ADIA), with existing investors, including Premji Invest and Blume Ventures, significantly increasing their stakes.
New participants in this round include Sharrp Ventures, signaling growing confidence in Purplle's business model and market potential.
In July 2023, Purplle had already secured the first tranche of this funding round, amounting to INR 1,000 crore (around USD 120 million). This latest round of investment values the Manish Taneja-led company between USD 1.2 billion and USD 1.3 billion.
Purplle had previously achieved unicorn status in June 2022 with a USD 33 million raise in its Series E round, bringing its valuation to USD 1.1 billion, backed by South Korea's Paramark Ventures.
The funding will significantly bolster Purplle's mission to democratise beauty, making it accessible to all consumers. The company aims to leverage technology to enhance the shopping experience, facilitating easier discovery and purchase of beauty products and services.
Manish Taneja, Co-founder and CEO at Purplle, said, "As we continue to innovate and leverage our technology and data capabilities to deliver the best omnichannel experience to our customers, this latest round of investments reaffirms the importance of our vision to make every Indian feel beautiful."
Founded in 2012, Purplle operates through two models: a marketplace and its own proprietary brands, including Faces Canada, Good Vibes, Alps Goodness, Carmesi, and DermDoc.
The platform claims to attract over 10 million consumers monthly and boasts more than 20,000 offline touchpoints across India. In the past year, Purplle has also conducted a USD 6 million ESOP buyback for employees and provided an exit for JSW Ventures through the sale of secondary shares, demonstrating its commitment to team welfare.
Rishabh Mariwala from Sharrp Ventures commented, "Our strategic involvement with Purplle focuses on reinforcing our philosophy of backing new-age platforms with a commitment to customer centricity. We aim to support the company in delivering personalised and accessible beauty solutions tailored to the diverse needs of consumers across India."
With a robust team of over 4,000 employees, Purplle is positioned among the leading beauty and personal care platforms in India.
