Purplle turns unicorn following $33 million funding round

By

Isabelle Crossley

Published
Jun 10, 2022

Online beauty business Purplle has joined the unicorn club after raising $33 million in a new funding round led by Paramark Ventures and achieving a valuation of $1.1 billion. 

Purplle also received funding from existing investors Premji Invest, Kedaara Capital, and Blume Ventures as part of the investment round, ET Tech reported. Purplle is the second technology-based startup from India to join the global unicorn club of startups with a valuation of over $1 billion after online education business Physics Wallah’s valuation surpassed $1 billion just days ago. 

To date, Purplle has raised over $215 million in funding and has previously received investments from Verlinvest and Goldman Sachs among others. In the 2022 financial year, Purplle reported an annualised gross merchandise value of $180 million.

“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,” said Purplle’s founder and CEO Manish Taneja, the Economic Times reported. 

Purplle stocks a wide selection of Indian and international beauty and personal care brands on its e-commerce platform. The business also has five private label brands and a number of brands which are exclusively available on its e-commerce platform.