Nykaa competitor Purplle has become the latest Indian beauty unicorn after a $33 million round of funding.
WHO: Founded in 2012 by Rahul Dash and Manish Taneja, Purplle.com is a beauty platform selling nearly 60,000 products from over 1,000+ brands as well as five private D2C brands. Purplle has an audience of 7 million monthly active users in India.
WHY: The company plans to use this capital for acquisition and to fund its inorganic growth plans.
IN THEIR OWN WORDS: Manish Taneja, co-founder and CEO of Purplle, said, "We are humbled by the conviction of our investors in brand Purplle, being a testament to the value we have created over the years. We welcome our new investor, Paramark Ventures, and look forward to cross-country synergies. The infusion is an opportunity to further our mission of building the beauty industry in India with technological investments, scaling of our private brands, and industry-first innovations. Staying true to our purpose of making Purplle 'Har Indian Ka Beauty Destination' we are strongly positioned for the next phase of accelerated growth."
"We have been tracking Purplle for several years now. We are deeply impressed with the team and platform that the founders have built over the years and are glad to be partnering with them at this stage," said Chunsoo Kim, founder and Managing Partner of Paramark Ventures.
"Purplle is addressing the enormous vacuum in the beauty and personal care industry in India in a way that the rising demand from massive Indian consumers can be best served beyond the limited set of customers in a few major cities. And, we find the team's determination and endeavour to build a long lasting business to serve such needs of the Indian market through technology and customer delight both apparent and inspiring," Chunsoo added.
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