MUMBAI, INDIA: Purplle has previously received four rounds of investment from investors, culminating in 2021 with a $140 million Series D.
Purplle, the online cosmetics shop backed by Sequoia and Goldman Sachs, has raised $33 million in Series E fundraising with current investors Premji Invest, Blume Ventures, and Kedaara. The new round of fundraising brings the total capital to more than $215 million, allowing the company to enter the unicorn club.
The money comes months after the Series D funding was closed.
A “unicorn” is a privately held startup with a valuation of more than $1 billion. Aileen Lee, a venture capital investor, coined the phrase in 2013 to identify unusual digital businesses valued at more than $1 billion.
Purplle, a competitor of Falguni Nayar’s Nykaa beauty brand, has previously secured four rounds of investment from investors, culminating in 2021 with a $140 million Series D.
According to an official release, the firm has achieved exponential growth with 7 million monthly active users, over 1,000 companies, 60,000 goods, and 5 private DTC brands.
“Purplle plans to increase its yearly GMV to $180 million in fiscal year 2022. This, while making popular cosmetic items available and cheap to all Indians, “the organisation emphasised.
Manish Taneja, Co-founder and CEO of Purplle.com, stated, “We are humbled by our investors’ faith in brand Purplle, which is a tribute to the value we have generated over the years.” We welcome Paramark Ventures as a new investor and look forward to cross-country synergies. With technical investments, growth of our own brands, and industry-first innovations, the infusion allows us to pursue our aim of growing the beauty sector in India. Keeping true to our mission of creating Purplle a “Har Indian Ka Beauty Destination,” we are well positioned for the next phase of rapid expansion.”
“We’ve been following Purplle for some years. We are really impressed with the founders’ team and platform, and we are excited to be cooperating with them at this point.” Founder and Managing Partner of Paramark Ventures, Chunsoo Kim, said
“Purplle is tackling the large gap in India’s beauty and personal care business in such a way that the expanding demand from massive Indian consumers can be best supplied outside of the limited group of customers in a few key cities.” And we found the team’s desire and attempt to establish a long-term business to service such demands of the Indian market through technology and customer happiness to be both evident and motivating.” Chunsoo elaborated.
Purplle.com, founded in 2012, is one of India’s major e-beauty platforms. Kedaara, Premji Invest, Sequoia Capital India, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures are among the company’s investors.