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Three days after PhysicsWallah turned unicorn, another Indian startup made its way into the Unicorn Club of India. This time it's an online platform catering to the makeup and skincare needs of its customers called Purplle.
Purplle is an Indian online retailer which was founded by Manish Taneja, Rahul Dash, and Suyash Katyayani in 2012. The retailer provides several products in the categories of makeup, skincare, haircare, personal care, fragrances, and health. It also provides products for men, appliances for personal care, and new mothers.
This stock jumped 75% in 7 days, Wanna read more?
The company is garnering the attention of several customers as it hosts products of over 1,000 brands on its website, providing 60,000+ SKUs and over 300 beauty-specific sellers. The company also provides salon bookings on its website and has its own chain of premium salons.
The company raised $33 million at a valuation of $1.1 billion as the Series-E funding round was led by South Korean Paramark Ventures. Existing investors Kedaara, Blume Ventures, and Premji Invest also participated in the round which brought Purplle's total funding to $215 million.
“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,” said Mr. Manish Taneja.
The company, which is backed by the giant Investment Bank Goldman Sachs, has said that it would use the funding to step up investment in technology, improve private brands and strengthen its product offerings.
Article by Aman Agarwal
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