Purplle, an omnichannel beauty platform, has closed its Series F funding round, securing an investment of ₹1,500 crore led by a unit of Abu Dhabi Investment Authority (AIDA).
In July 2024, Purplle had already raised the first tranche of the Series F funding round, amounting to ₹1,000 crore led by ADIA subsidiary, with participation from other investors.
New investors, such as Sharrp Ventures, have also joined the cap table. The round saw additional participation from existing investors, including Premji Invest and Blume Ventures, who have significantly increased their commitments.
The fresh capital will bolster Purplle’s mission to make beauty accessible to everyone. The company aims to leverage technology to enhance the shopping experience, facilitating easier discovery and purchase of beauty products and services while expanding its reach to a broader audience.
Speaking on the investment Manish Taneja, Co-Founder and CEO at Purplle said, “As we continue to innovate and leverage our technology and data capabilities to deliver the best omnichannel experience to our customers, this latest round of investments reaffirms the importance of our vision to make every Indian feel beautiful.”
Rishabh Mariwala from Sharrp Ventures said, “Our strategic involvement with Purplle is focused on reinforcing our philosophy of backing new-age platforms with a commitment to customer centricity. Through the application of data-driven insights and the expansion into underserved markets, we seek to support the company in delivering personalized and accessible beauty solutions tailored to the diverse needs of consumers across India. Our business model focuses on building strategic partnerships with a common purpose, and this investment is a testament to Sharrp’s ability to identify and invest in market leaders with aligned goals who will benefit from shared success.”
Founded in 2012 by Manish Taneja and Rahul Das, Purplle is backed by investors including a wholly owned subsidiary of ADIA, Kedaara, Premji Invest, Sequoia Capital India, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures.
Purplle operates through two models: a marketplace and its own proprietary brands, including Faces Canada, Good Vibes, Alps Goodness, Carmesi, and DermDoc.
In October 2023, JSW Ventures fully exited its shareholding in Purplle, selling to Manipal Education and Medical Group Family Office, achieving a 2.7X return.
Purplle achieved unicorn status in June 2022 with a $33 million raise in its Series E round, bringing its valuation to $1.1 billion, backed by South Korea’s Paramark Ventures.
