Nykaa competitor Purplle is the latest unicorn after a $33 million fundraise

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Nykaa competitor Purplle is the latest unicorn after a $33 million fundraise
Manish Taneja, cofounder and CEO of Purplle.Purplle
  • Purplle is now valued at over a billion dollars after its $33 million fundraise.
  • The unicorn round saw participation from Paramark Ventures, Premji Invest and others.
  • The company plans to use this capital for acquisition and fund its inorganic growth plans.
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Cosmetics ecommerce company Purplle — which competes with Falguni Nayar’s Nykaa — is now valued at over a billion dollars after its $33 million fundraise. With this, Purplle has become the 102nd unicorn in India.

The unicorn round saw participation from Paramark Ventures, along with existing investors like Premji Invest, Blume Ventures and Kedaara Capital. It was valued at $1.1 billion.

The company plans to use this capital for acquisition and fund its inorganic growth plans.

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“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,” Manish Taneja, co-founder and CEO of Purplle, said.

Its competitor Nykaa currently had a market cap of ₹68,377 crore ($8.7 million), as pn June 9.

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Purplle — Founded by Manish Taneja and Rahul Dash in 2011 — is an ecommerce platform that offers beauty products, appliances and cosmetics.

The company had closed a $140 million in October 2021, reportedly at a valuation of $500 million. It planned to use that capital to enhance its technology stack and incubating as well as acquiring more smaller startups.

In January, the company also raised $38 million led by Sequoia Capital. Blume Ventures and Sangeeta Pendruka, the chief executive officer (CEO) of Aditya Birla Fashion and Retail Limited (ABFRL)-owned Pantaloons, have participated in the Series D round.

Purplle’s latest funding round was announced only two days after PhysicsWallah became the first profitable edtech to enter the unicorn club. The company has raised $100 million in a Series A round from Westbridge and GSV Ventures, at a valuation of $1.1 billion.

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