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Nykaa rival Purplle raises $33 million in recent funding, turns into an unicorn

Nykaa rival Purplle

Nykaa rival Purplle raises $33 mn in funding

Nykaa rival Purplle – a Sequoia and Goldman Sachs-backed online cosmetics shop, has raised $33 million in Series E fundraising from current backers Premji Invest, Blume Ventures, and Kedaara, bringing its total valuation to $1.1 billion. The new round of fundraising brings the total funding to over $215 million, allowing the company to enter the unicorn club. 
 
The money comes months after a Series D round was closed. 
 
A “unicorn” is a privately held company having a market capitalization of more than $1 billion. Aileen Lee, a venture capitalist, coined the term in 2013 to represent a small number of high-value tech businesses worth more than $1 billion. 
 
Purplle, a competitor of Falguni Nayar’s Nykaa beauty business, had previously obtained four rounds of funding from investors, the most recent of which closed in 2021 with a Series D of $140 million. 
 
The company stated in an official statement that it has had exponential growth with 7 million monthly active users, over 1,000 companies, 60,000 products, and 5 private DTC brands. 
 
Purplle’s annualised GMV is expected to reach $180 million in FY 2022. This is done while also making popular beauty items accessible and cheap to all Indians “the business claimed.

Nykaa rival Purplle

“We are humbled by our investors’ belief in brand Purplle, being a tribute to the value we have produced over the years,” Manish Taneja, Co-founder and CEO of Purplle.com, stated upon joining the unicorn club. We’d like to welcome Paramark Ventures as a new investor and look forward to cross-country synergies. With technical investments, growth of our private brands, and industry-first innovations, the infusion will help us advance our aim of growing the beauty sector in India. We are well positioned for the next phase of fast expansion, staying true to our mission of making Purplle the “Har Indian Ka Beauty Destination.” 
 
Purplle is filling a huge gap in the Indian beauty and personal care business in such a way that the expanding demand from a large number of Indian consumers can be best met outside of a few major cities.” And we admire and admire the team’s drive and effort to establish a long-term business to suit the Indian market’s needs through technology and customer happiness.” Chunsoo went on to say more. 
 
“We are humbled by our investors’ belief in brand Purplle, being a tribute to the value we have produced over the years,” Manish Taneja, Co-founder and CEO of Purplle.com, stated upon joining the unicorn club. We’d like to welcome Paramark Ventures as a new investor and look forward to cross-country synergies. With technical investments, growth of our private brands, and industry-first innovations, the infusion will help us advance our aim of growing the beauty sector in India. We are well positioned for the next phase of fast expansion, staying true to our mission of making Purplle the “Har Indian Ka Beauty Destination.”