October 15, 2024: Purplle, an online beauty brands products has closed its Series F funding round, and added an additional INR 500 Cr. New investors such as Sharrp Ventures also joined the cap table, the disclosed in a statement.
Rishabh Mariwala from Sharrp Ventures said, “Through the application of data-driven insights and the expansion into underserved markets, we seek to support the company in delivering personalized and accessible beauty solutions tailored to the diverse needs of consumers across India,” .
Purplle Records 43% YoY Growth
The BPC marketplace unicorn recorded a 43% year-on-year growth in operational revenue, reaching Rs 680 crore for the fiscal year ending March 2024, as compared to Rs 475 crore in FY23. During the same period, its losses narrowed by 46% to Rs 124 crore in FY24 compared to Rs 230 crore from the previous year.
The Manish Taneja and Rahul Das founded company in 2013, cited the growing number of offline stores, rise in its private labels such as Good Vibes and Faces Canada and demand from Tier II and III cities for its good performance.
Purplle is backed by investors including a wholly-owned subsidiary of ADIA, Kedaara, Premji Invest, Sequoia Capital India, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures.
With a total investment of Rs 1,500 crore led by a unit of Abu Dhabi Investment Authority, the funding had participation from existing investors including Premji Invest and Blume Ventures.
Purplle, which competes with Nykaa and Reliance-backed Tira in the beauty and personal care marketplace, had earlier in July raised Rs 1,000 crore from Abu Dhabi Investment Authority (ADIA), with participation from other investors.
