PURPLLE CROSSES THE $1 BILLION VALUATION MARK WITH A SERIES E FUNDING OF $33Mn
Purplle.com, one of India’s largest online beauty destinations, announces its entry into the celebrated unicorn club. Welcoming South Korean investors Paramark Ventures to the cap table, Purplle raised $33Mn along with existing investors Premji Invest, Blume Ventures, and Kedaara. The fresh round of investment takes the total funding to over $215Mn at a valuation of $1.1Bn
Purplle.com has previously received four rounds of funding from reputed investors closing 2021 with a Series D of $140Mn. Over the years, the company has grown exponentially; a unicorn today, with 7 million monthly active users, 1000+ brands, 60,000 products, and 5 private DTC brands. With a robust growth trajectory, Purplle has scaled its annualized GMV to $180Mn in FY 2022. This, while making trending beauty products accessible and affordable for every Indian.
On entering the unicorn club, 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.”
“We have been tracking Purplle for several years now. We are deeply impressed with the team and platform that the founders have built over the years and are glad to be partnering with them at this stage.” said Chunsoo Kim, Founder and Managing Partner of Paramark Ventures.
“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.” Chunsoo added further.