purpleis now valued at over a billion dollars after its $33 million fundraising.
- The unicorn round saw participation from Paramark Ventures, Premji Invest and others.
- The company plans to use this capital for acquisitions and to fund its inorganic growth plans.
Cosmetics Ecommerce Company Purplle – Competing With Falguni Nayar’s
The unicorn round saw participation from Paramark Ventures, along with existing investors such as Premji Invest, Blume Ventures and Kedaara Capital. It was valued at $1.1 billion.
The company plans to use this capital for acquisitions and to fund its inorganic growth plans.
“The infusion is an opportunity to continue our mission to build the beauty industry in India with technology investments, scaling our private brands and industry-leading innovations,” said Manish Taneja, Co-Founder and CEO of Purplle.
Its competitor Nykaa currently had a market cap of ₹68,377 crore ($8.7 million), as of June 9.
Purplle – founded by Manish Taneja and Rahul Dash in 2011 – is an e-commerce platform that offers beauty products, appliances and cosmetics.
The company was closed
$140 million in October 2021,
Reportedly at a value of $500 million. It planned to use that capital to improve its technology stack and incubation and to acquire more smaller startups.
In January, the company also raised $38 million led by Sequoia Capital. Blume Ventures and Sangeeta Pendruka, the chief executive officer (CEO) of Pantaloons, owned by Aditya Birla Fashion and Retail Limited (ABFRL), have participated in the Series D round.
Purplle’s latest funding round was announced just two days after PhysicsWallah became the first profitable edtech to join the unicorn club. The company has raised $100 million in a Series A round from Westbridge and GSV Ventures, at a valuation of $1.1 billion.
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