Purplle adds additional Rs 500 Cr in Series F funding
Purplle had raised Rs 1,000 crore from Abu Dhabi Investment Authority and other investors in a funding round earlier this year.
on Monday said it closed its Series F funding round with a total investment of Rs 1,500 crore led by a unit of Abu Dhabi Investment Authority, along with participation from existing investors including Premji Invest and Blume Ventures.
New investors such as Sharrp Ventures also joined the cap table, the company said in a statement.
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.
“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,” noted Rishabh Mariwala from Sharrp Ventures.
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 cin FY24 compared to Rs 230 crore from the previous year
The company, founded by Manish Taneja and Rahul Das, cited the increasing 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 performance.
Founded in 2012, 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.
Edited by Jyoti Narayan