Home Business Magnificence retailer Purplle turns into India's 102nd unicorn with $33 million funding...

Magnificence retailer Purplle turns into India’s 102nd unicorn with $33 million funding | Corporations Information


New Delhi: Omnichannel magnificence retailer Purplle has turn into India’s latest unicorn (startup with a valuation of $1 billion or extra) after elevating $33 million in a contemporary funding spherical led by South Korean funding agency Paramark Ventures. Current traders within the firm together with Premji Make investments, Blume Ventures, and Kedaara Capital additionally participated within the mop-up. In response to Co-Founder and CEO at Purplle.com, Manish Taneja, the newest infusion is a chance to additional the corporate’s mission of constructing the sweetness {industry} in India with technological investments. He additionally famous that the funds will assist the corporate in scaling its personal manufacturers, and industry-first improvements. 

Previous to this, Purplle had raised greater than $34 million in its Collection D1 funding spherical in January 2022. The spherical was led by Faces Funding Holdings, and valued the corporate at barely greater than $700 million. 

Chunsoo Kim, Founder and Managing Accomplice of Paramark Ventures, mentioned, “Purplle is addressing the large vacuum within the magnificence and private care {industry} in India in a manner that the rising demand from large Indian customers may be greatest served past the restricted set of shoppers in a couple of main cities.” Additionally Learn: HUGE pay hole! Ex-HDFC Financial institution CEO earned 40 occasions extra in FY21 than SBI chairman’s package deal

In response to media stories, Purplle is the 102nd unicorn startup in India, and the second agency to realize the unicorn tag within the month of June 2022. Previous to Purplle, edtech startup PhysicsWallah turned unicorn after saying $100 million funding in Collection A funding from Westbridge and GSV Ventures. The corporate is the primary edtech participant to realize this milestone in 2022. Additionally Learn: Layer’r Shot controversial adverts row: ASCI releases tips on dangerous gender stereotypes





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