e-Beauty Startup Purplle Turns Unicorn With $33 Million Series E Round
The fresh capital will be invested in developing better technology, build private labels and strengthen the product
Online beauty startup Purplle announced the raise of $33 million in an Series E funding round. The funds round was led by South Korean Investment firm Paramark Ventures and saw participation from Purplle's existing backers Premji Invest, Blume Ventures, and Kedaara Capital, the company said in a statement. With the latest round of funding, the Mumbai based company, took its valuation to over a billion dollars and became the second Indian company to achieve the unicorn status this week. Purplle has raised a total funding of $215 million since its establishment in 2012 and is currently valued at $1.1 billion. It was set up by entrepreneur duo Manish Taneja (who acts as the company's CEO) and Rahul Dash (who acts as the COO). The fresh capital will be invested in developing better technology, build private labels and strengthen the product.
17 Indian companies have turned unicorn in 2022. Purplle is the second D2C brand to turn unicorn this year, trailing Mamaearth. The more recent company to turn unicorn was Physicswallah, after they raised $100 million series-A fund at a $1.1 billion valuation.
Purplle, "the beauty e-tailer", has over 1000+ brands with nearly 50,000 products available across its website and app. It has over 800 employees and reported to be growing at a 90 percent Y-o-Y rate as of 2021.
The company last closed a Series D round at $45 million in March 2021.