Purplle raises ₹1,500 crore Series F led by ADIA subsidiary
Beauty platform Purplle has closed its Series F funding round at ₹1,500 crore. The subsidiary of Abu Dhabi Investment Authority led the round, with Premji Invest and Blume Ventures likely committing more than their earlier amounts. Sharrp Ventures also participated.
This financial push is an effort to enhance the technological capacity of the company to democratize beauty and bridge the gap that exists within the industry in terms of access.
Set up in 2012, Purplle operates an online platform that touches more than 10 million consumers every month. The company has 20,000 offline touchpoints and employs about 4,000 employees.
Purplle employs leading artificial intelligence systems owned by a proprietary data framework, offering personalized shopping experiences through user profiles and product recommendations. The brand enjoys collaborations with third-party brands and offers direct-to-consumer private brands, such as Faces Canada, Alps Goodness, Good Vibes, Carmesi, and DermDoc.
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Purplle became India’s 102nd unicorn in 2022, supported by a consortium of investors that includes ADIA’s wholly owned subsidiary, Kedaara, Sequoia Capital India, JSW Ventures, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures. A unicorn is a privately owned startup valued at more than $1 billion.
Manish Taneja, co-founder and Chief Executive Officer of Purplle, said, “As we continue to innovate and leverage our technology and data capabilities to deliver the best omnichannel experience to our customers, this latest round of investment reaffirms the importance of our vision.”
Rishabh Mariwala at Sharrp Ventures said, “Our strategic investment in Purplle further reiterates our intent to enable new-age companies which direct their focus toward making satisfying experiences for customers a priority. ” We’ll hence ensure the company caters to varied consumer needs in India by offering bespoke accessible beauty solutions using data-empowered insights and entry into underpenetrated markets.”
Mariwala further revealed that “Our business model focuses on forming strategic partnerships for the same cause and this investment is a testament to Sharrp’s capability of identifying and investing in market leaders whose visions are aligned with mutual success”
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