SUMMARY
- Purplle raised ₹1,500 crore in Series F funding, led by an Abu Dhabi Investment Authority subsidiary.
- The funds will enhance technology, aiming to make beauty products accessible to a broader audience.
- Purplle, founded in 2012, serves over 10 million customers monthly, featuring various beauty brands.
The omnichannel cosmetics company Purplle finished its Series F investment round for a total of ₹1,500 crore (roughly $180 million). An Abu Dhabi Investment Authority (ADIA) subsidiary led this round, which saw large contributions from current investors like Blume Ventures and Premji Invest, which upped their pledges. The round also saw investors like Sharrp Ventures.
With this fresh funding, the business intends to make beauty accessible to everyone. The firm stated in a press statement that it intends to use technology to improve how customers find and buy beauty products and services, reaching a wider audience.
Manish Taneja, Rahul Dash, and Suyash Katyayani founded Purplle in the year 2012. The firm sells beauty and personal care goods online. It also offers items from various brands like Plum, Maybelline, WOW Skin Science, and SUGAR Cosmetics in addition to its line of goods. The firm uses two business models: a marketplace and its line of brands, which includes Carmesi, DermDoc, Good Vibes, Faces Canada, and Alps Goodness. In addition to 20,000 physical touchpoints, its internet platform reaches over 10 million customers each month.
The startup obtained the first finance tranche, totaling around $120 million (or ₹1,000 crore), in July. Sources claim that the Manish Taneja-led company is worth between $1.2-1.3 billion after this latest round of funding. It reached a unicorn with a valuation of $1.1 billion in June 2022 after raising $33 million from Paramark Ventures in South Korea in its Series E round.
Purplle’s revenue increased to ₹680 crore in FY24, but cost control, especially in advertising, and scaled growth helped reduce losses by 46% to ₹124 crore from ₹230 crore in FY23.
