Purplle Crosses USD 1 Billion Valuation Mark

HT Bureau
GUWAHATI, June 13: Purplle.com, an online beauty e-commerce platform from India, announced its entry into the celebrated unicorn club. Welcoming South Korean investors Paramark Ventures to the cap table, Purplle raised USD 33 mn along with existing investors Premji Invest, Blume Ventures, and Kedaara. The fresh round of investment takes the total funding to over USD 215 mn at a valuation of USD 1.1 bn. Purplle.com has previously received four rounds of funding from reputed investors closing in 2021 with a Series D of USD 140 mn. Notably, Purplle has scaled its annualized GMV to USD 180 mn in FY 2022. This is while making trending beauty products accessible and affordable for every Indian.
On entering the unicorn club, Manish Taneja, co-founder, and CEO, of 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.”
“We have been tracking Purplle for several years now. We are impressed with the platform that the founders have built over the years and are glad to partner with them at this stage. 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,” added Chunsoo Kim, founder and managing partner of Paramark Ventures.