Purplle is the Latest Unicorn After a $33 Million Fundraise

Purplle, a Cosmetics Ecommerce Company that competes with Falguni Nayar's Nykaa, is now valued at more than a billion dollars following a $33 million fundraise. Purplle has now become the 102nd unicorn in India. Paramark Ventures joined existing investors such as Premji Invest, Blume Ventures, and Kedaara Capital in the unicorn round. It was worth $1.1 billion.

This capital will be used for acquisitions and to fund the company's inorganic growth plans. “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,” Manish Taneja, co-founder and CEO of Purplle, said.

Its competitor Nykaa currently had a market cap of ₹68,377 crore ($8.7 million), as pn June 9. Purplle, which was founded in 2011 by Manish Taneja and Rahul Dash, is an ecommerce platform that sells beauty products, appliances, and cosmetics.

The company closed a $140 million round in October 2021, reportedly at a $500 million valuation. It intended to use the funds to improve its technology stack, as well as to incubate and acquire more smaller startups.

In addition, the company raised $38 million in January, led by Sequoia Capital. The Series D round was led by Blume Ventures and Sangeeta Pendruka, the CEO of Pantaloons, which is owned by Aditya Birla Fashion and Retail Limited (ABFRL).