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E-Beauty Platform Purplle is India’s latest Unicorn

E-Beauty Platform Purplle is India’s latest Unicorn

The new capital will be used to strengthen its product and invest in technology

Online cosmetic retailer, Purplle has become India’s latest unicorn. The brand has crossed $1.1 billion in capital, becoming the second billion-dollar company created in India this week. The Mumbai-based firm raised $33 million of Series E financing from South Korea’s Paramark Ventures and existing backers Blume Ventures, Kedaara, and billionaire Azim Premji’s Premji Invest. Purplle is a worthy competitor of Nykaa, a company that had one of India’s most successful market debuts. Nykaa is currently valued at $8.7 billion. Purplle has secured a total funding of $215 million. The new capital will be used to strengthen its product, invest in technology and develop its private labels.

Formally known as Manash Lifestyle Pvt, Purplle was set up in 2012 by Taneja, Rahul Dash, and Suyash Katyayani, three engineers from the Indian Institute of Technology. The platform offers around 60,000 beauty and personal care products and accessories from over 1,000 brands on its website and app. With the onset of the pandemic, there has been a rise in online shopping, which has translated to rapid online growth for niche players in beauty and fashion, among others. The absence of brick-and-mortar beauty retailers and finding all products in a single site has increased opportunities for start-ups like Purplle.


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