Two people with knowledge of the situation indicated that Purplle, an online seller of cosmetics and personal care items, has raised $50–60 million from ADIA, as per reported by livemint.
According to anonymous sources, the majority of the investment in Purplle has occurred through secondary transactions, as certain early investors have chosen to sell their stakes. The investment was made at a valuation of $1.1 billion, which is consistent with the valuation set in June 2022 when Paramark Ventures invested $33 million in primary funds, as mentioned by the same sources.
One of the individuals mentioned that the latest investment in Purplle also includes a small primary element. The company intends to utilize this primary portion to expand its physical presence as part of its omnichannel strategy.
“The company wants to have a phygital (physical plus digital) presence across the key metros and tier I cities and will increase its physical touch points through its private label kiosks,” the person said. “It is also looking to acquire a couple of brands to stay in the game,” he added.
Many online-only stores in the direct-to-consumer sector are now aiming to establish a presence in physical locations, and some are even considering acquiring brands that have a significant offline presence. Purplle, for instance, has managed to secure approximately $250 million in funding, which includes investments from Goldman Sachs and Verlinvest.
Purplle, established in 2012 by Manish Taneja and Rahul Dash, is a company that specializes in offering a diverse selection of beauty and personal care (BPC) products.
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.