Purplle, an omnichannel beauty goods shop, announced on Monday that it has extended its last investment round by Rs 500 crore to a total close of Rs 1,500 crore (about $180 million).
The total round, sponsored by the Abu Dhabi Investment Authority (ADIA), included additional participation from existing investors such as Premji Invest and Blume Ventures, according to a statement from the Mumbai-based firm.
Sharrp Ventures, a new investor, has also joined the round, the company announced. On July 1, it was reported on Purplle's Rs 1,000 crore fundraising from investors led by ADIA, of which 70-80% would be done through secondary sales. The round valued Purplle at $1.3 billion.
Early angel investors and several existing backers, like Goldman Sachs and Verlinvest, sold a portion of their holdings in the company as part of the secondary transaction.
"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 investments reaffirms the importance of our vision to make every Indian feel beautiful," said Manish Taneja, co-founder and chief executive officer of
Taneja previously told that the majority of the main funding raised in this round will be used to invest in technology and experiment with offline store layouts for retail expansion.
Purplle, founded in 2012 by Taneja and Rahul Dash, is a marketplace for third-party beauty and skincare goods. It also owns brands such as Faces Canada, Alps Goodness, Good Vibes, Carmesi, and DermDoc in the area.
Speaking about the investment, Sharrp Ventures managing partner Rishabh Mariwala stated, "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's operating revenue for 2023-24 increased by 43% year on year to Rs 680 crore. The company's combined net loss fell by 46% to Rs 124 crore from Rs 230 crore the year before.
According to Tracxn, Purplle has raised around $500 million since its creation, with investors including Peak XV Partners, JSW Ventures, and Kedaara Capital.
Purplle, a nominee in the Comeback Kid category of The Economic Times Startup Awards 2024, announced its largest employee stock ownership plan buyback campaign in July, providing its employees with Rs 50 crore in liquidity.
