E-commerce beauty and personal care products seller, Purplle announced that the company successfully bagged a major funding amounting to $ 33 million USD in their latest round of funding. This round was led by Paramark Ventures and the company was valued at $ 1.1 billion USD.
Purplle is now the second start-up company based in the country to become a unicorn in just one week after education tech start-up company Physics Wallah crossed the milestone just a few days prior. This has taken place when the start-up field and the ed tech industry specifically in the country has been finding hard to grow and progress and have been forced to downsize the company or even seize operations due to a lack of funds. The company also became the 17th company based in India to become a unicorn which means that their valuation has crossed $ 1 billion USD.
Many other fund management companies who have already funded the company also took part in this round such as Premji Invest, Blume Ventures and a few others. Ever since the start-up company’s inception, Purplle has been able to receive investments amounting to $ 215 million USD which includes other venture capitalists such as Goldman Sachs.
Purplle is an online retail company that ships directly to their customers. They sell a whole range of beauty products including make up for face, eyes, nails, lips. They also sell a whole lot of skin care and hair care products and many appliances and tools such as hair dryers, curlers, face massagers and trimmers. They also sell personal care products for men such as shaving cream, razors and after shaves. The company was founded 11 years ago back in 2011 and its head office is situated in Mumbai, Maharashtra.
The company also has their own blog page where they educate the masses about the benefits of personal care and what kind of products to use on what type of body.
The company recently claimed that they have over 7 million active customers every month and they retail over 1,000 different companies on their website which encapsulates 5 various private labels.
They even claimed that for the financial year that ended in 2022, their gross merchandise value amounted to a hefty $ 180 million USD and they even expanded their work force to a strength of 2,400.
The beauty industry has not slowed down this years with companies like Nykaa and Mamaearth also have a very successful 2022.
