Beauty retailer Purplle, which competes with the likes of Nykaa, has closed its Series F funding round, bagging nearly $180 million at a valuation of $1.25 billion. The startup had raised about $120 million in July and has now picked up an additional about $60 million from existing and new investors.
The Series F round is led by a subsidiary of Abu Dhabi Investment Authority (ADIA) with participation from existing investors such as Premji Invest and Blume Ventures. New investors, such as Rishabh Mariwala’s Sharrp Ventures, have also joined the cap table.
Purplle’s latest round joins the list of $100-million-plus deals, which are back on the table after nearly two years of slump. So far, this year has seen five $100 million-plus funding rounds across startups such as Physics Wallah (PW), Whatfix, InMobi, M2P Fintech, and Drip Capital.
“Through the application of data-driven insights and the expansion into underserved markets, we seek to support the company in delivering personalised and accessible beauty solutions tailored to the diverse needs of consumers across India,” Mariwala said.
Purplle, which primarily has an online presence, has been investing to expand its offline store network, largely in tier 2 and 3 cities, in line with the larger shift in consumer preference towards shopping beauty and personal care products in physical stores.
Purplle is also trying to bolster its bottomline. In July, the company had said that it is operationally profitable. In FY24, Purplle reported 43% jump in operating revenue to 680 crore while its consolidated net loss narrowed by 46% to124 crore from `230 crore in FY23.
While the company is largely a retailer of several beauty brands, its owned and acquired private label portfolio includes brands such as GoodVibes, Carmesi, NYBae, and the India business of cosmetic brand Faces Canada, which it had acquired in 2022.
Purplle had become a unicorn in 2022 after it raised $33 million in a Series E round at a valuation of $1.1 billion from investors such as South Korea’s Paramark Ventures as well as existing backer.
Some of Purplle’s other investors include Goldman Sachs, Nexus, Kedaara Capital, Sequoia Capita, Artha India Ventures, IvyCap Ventures, Brand Capital, JSW Ventures, among others.
From: financialexpress
Financial News
