Beauty retailer Purplle has announced that it raised $33 million in its latest Series E funding, unveiling the latest valuation of over $1 billion. This latest landmarks makes the start-up India's 98th Unicorn, as per the various media reports.
Competing with Falguni Nayar-led Nykaa beauty brand, Purplle had previously received four rounds of funding from investors closing 2021 with a Series D of $140 million.
The Series E funding was backed by Sequoia and Goldman Sachs alongside the existing investors Premji Invest, Blume Ventures, and Kedaara.
The term “unicorn” describes a privately-owned startup with a valuation of over $1 billion. The term was introduced by venture capital investor, Aileen Lee, in 2013 to describe rare tech startups that were valued at more than $1 billion.
As per the company's official statement, Purplle boasts of 7 million monthly active users, over 1,000 brands, 60,000 products, and 5 private DTC brands, it has seen an exponential growth.
"Purplle has scaled its annualized GMV to $180 million in FY 2022. This, while making trending beauty products accessible and affordable for every Indian," the company added.
Chunsoo Kim, Founder and Managing Partner, Paramark Ventures said that they have been tracking Purplle for several years now and were deeply impressed with the team and platform that the founders have built over the years.
Chunsoo further said, "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. And, we find the team’s determination and endeavor to build a long lasting business to serve such needs of the Indian market through technology and customer delight both apparent and inspiring.”
Founded in 2012 by Manish Taneja and Rahul Dash, the company investors include Kedaara, Premji Invest, Sequoia Capital India, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures.
Manish Taneja, Co-founder, and CEO, Purplle.com, said, “We are humbled by the conviction of our investors in brand Purplle, being a testament to the value we have created over the years. We welcome our new investor, Paramark Ventures, and look forward to cross- country synergies. 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. Staying true to our purpose of making Purplle ‘Har Indian Ka Beauty Destination’ we are strongly positioned for the next phase of accelerated growth.”