Purplle, the fast-growing omnichannel beauty platform, has successfully closed its Series F funding round, raising Rs 1,500 crore (approximately $180 million). This latest round was led by a subsidiary of the Abu Dhabi Investment Authority (ADIA), with strong participation from existing investors like Premji Invest and Blume Ventures, who increased their stakes. The round also attracted new investors, including Sharrp Ventures.
Earlier in July, the company secured the first tranche of this funding, amounting to Rs 1,000 crore (around $120 million). With this fresh capital, Purplle is now valued at an impressive $1.2–1.3 billion. This marks another major milestone for the Manish Taneja-led company, which achieved unicorn status in June 2022 after raising $33 million in its Series E round from South Korea’s Paramark Ventures, placing its valuation at $1.1 billion at the time.
Purplle intends to use the funds to continue its mission of democratizing beauty by making high-quality beauty products accessible to a broader audience. The company plans to leverage advanced technology to improve how consumers discover and purchase beauty products and services. Expanding its reach and enhancing its customer experience are at the core of its growth strategy, as highlighted in its press release.
Founded in 2012, Purplle operates through two primary models: its online marketplace and a portfolio of owned beauty brands, including Faces Canada, Good Vibes, Alps Goodness, Carmesi, and DermDoc. With more than 10 million monthly users on its platform and 20,000 offline touchpoints across India, the company has positioned itself as a leading player in India’s beauty industry.
In FY24, Purplle achieved a revenue of Rs 680 crore, while also managing to cut its losses significantly by 46%, from Rs 230 crore in FY23 to Rs 124 crore. This was largely attributed to scaled growth and effective cost control, particularly in advertising spend.
Over the past year, Purplle also rewarded its employees with a $6 million ESOP buyback and facilitated an exit for JSW Ventures through the sale of secondary shares, underscoring its commitment to both business growth and employee empowerment.
