Online Indian cosmetics retailer start-up Purplle has become India’s latest Unicorn, having raised US$1.1 billion at a capital valuation, according to a report by Bloomberg.
The Mumbai-based company is the second billion-dollar company to be created in the country this week, and has raised US$33 million of Series E financing from South Korea’s Paramark Ventures in addition to existing backers Blume Ventures, Kedaara and billionaire Azim Premji’s Premji Invest.
Purplle is a competitor of Nykaa, which made a successful market debut prior to global investment conditions tumbling, according to Bloomberg.
The new capital will be used to increase tech investments, develop its private labels and strengthen its product.
Speaking in an interview, Founder Manish Taneja said, “Consumer products makers may be seeing inflationary pressures, but Purplle continues to clock 70% year-on-year volume growth. Innovation in the beauty market is digital-first.”
