Online beauty retailer Purplle.com became a unicorn after raising $33 million in a funding round led by South Korean investor Paramark Ventures. The latest round took the total funding for Purplle to over $215 million.
The fresh round of investment — which also saw participation from existing investors such as Premji Invest, Blume Ventures, and Kedaara — was at a valuation of $1.1 billion, making Purplle the second Indian start-up to join the unicorn club this week after edtech firm PhysicsWallah.
Purplle.com had earlier received four rounds of funding from investors closing 2021 with a Series D of $140 million. The funding is expected to help Purplle compete with traditional players and online beauty platforms such as Nykaa, MyGlamm, Myntra and SUGAR Cosmetics.
Founded in 2012 by Manish Taneja and Rahul Dash, Purplle offers beauty-oriented products and appliances. It features a range of brands on its platform such as Lakme, Plum, WOW Skin Science, mCaffeine, Maybelline SUGAR Cosmetics, among others.
“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,” Manish Taneja, co-founder, and CEO, Purplle.com, said.
Chunsoo Kim, founder and managing partner of Paramark Ventures, 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.”