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HomeInsightFunding Alert Purplle raises $33 mn funding, enters unicorn club

[Funding alert] Purplle raises $33 mn funding, enters unicorn club

[Funding alert] Purplle raises $33 mn funding, enters unicorn club

Online beauty & personal care products marketplace Purplle has raised $33 mn from Paramark Ventures at a valuation of $1.1 billion. Premji Invest, Blume Ventures, and Kedaara Capital, the company’s existing investors, also participated in this round, according to a statement.

Purplle is currently valued at $1.1 billion and has raised $215 million in funding to date (Rs 8,554 crore).

Manish Taneja, Rahul Dash and Suyash Katyayani founded the company in 2012, Purplle is one of India’s largest e-beauty destinations with more than 7 million monthly active users. The beauty e-tailer has over 1000+ brands with nearly 50,000 products, available on its website and app. Purplle.com recently closed a $45M deal from Verlinvest, Sequoia Capital India, Blume Ventures & JSW Ventures.

“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,” said Manish Taneja, Co-Founder and CEO at Purplle.com.

Purplle offers approximately 60,000 products from more than 1,000 manufacturers, as well as five private DTC brands.

“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,” said Chunsoo Kim, Founder and Managing Partner of Paramark Ventures.

About Purplle

Founded in 2012, Purplle.com is one of India’s largest e-beauty destinations with more than 7 million monthly active users. The beauty e-tailer has over 1000+ brands with nearly 50,000 products, available on its website and app. Purplle.com recently closed a $45M deal from Verlinvest, Sequoia Capital India, Blume Ventures & JSW Ventures.

Purplle has successfully scaled its digital-first beauty brands like Purplle, Good Vibes, NY Bae, amongst others. Good Vibes from this cohort has already become an INR 150 Cr brand and is one of the top 3 in the Naturals Skincare space on the app.

Purplle has built a differentiated, highly personalized digital shopping experience for consumers through its app by creating detailed user personas, enabling customers to test make-up, and recommending products based on personality, search keywords, and purchase behaviour. With over 800 employees and growing at more than 90% percent year-on-year, Purplle is well-positioned to be a leader in the burgeoning Indian e-beauty space.

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