Indian beauty retailer turns unicorn with $33m raise

India-based Purplle, an online beauty retailer, has raised US$33 million in its series E financing, pushing it into unicorn territory at a US$1.1 billion valuation.

Purplle co-founder and CEO Manish Taneja / Photo credit: Purplle

Investors including Paramark Ventures, along with existing backers Blume Ventures, Kedaara, and Premji Invest, took part in the round. This brings Purplle’s total funds raised to over US$215 million.

The platform, which has 7 million monthly active users, aims to post a 6x to 8x growth in its business within the next five years. Purplle has scaled its annualized gross merchandise value to US$180 million for fiscal year 2022.

Founded in 2012, Purplle offers a catalog of more than 1,000 brands and 60,000 products across categories such as makeup, skincare, haircare, personal care, fragrances, and grooming appliances.

The firm will use the latest fundraise to ramp up its investments in tech, develop its private labels, and strengthen its product.

“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 CEO Manish Taneja.

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In October 2021, the beauty retailer raised US$75 million in a funding round led by Kedaara to introduce new products and brands, as well as to create a treasure chest for potential acquisitions.