Online beauty products marketplace Purplle, operated by Mumbai-based Manash Lifestyle Pvt Ltd, has turned unicorn after raising $33 million (Rs 256 crore) in a fresh round of funding led by South Korean investment firm Paramark Ventures.
Unicorns are startups which has a valuation of over $1 billion.
Purplle is said to have secured $215 million in funding till date and is currently valued at $1.1 billion (Rs 8,554 crore).
“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,” said Manish Taneja, Co-Founder and CEO at Purplle.com.
In January this year, the brand had raised a little over $34 million (Rs 257.43 crore) as a part of its Series D1 funding round at a valuation of more than $700 million, led by Faces Investment Holdings, an affiliate of Sequoia Capital
“Purplle is addressing the enormous vacuum in the beauty and personal care industry in India in a way that the rising demand from massive Indian consumers can be best served beyond the limited set of customers in a few major cities,” said Chunsoo Kim, Founder and Managing Partner of Paramark Ventures.
The marketplace boasts of over 60,000 products across over 1,000 brands, and 5 private DTC brands. With 7 million monthly active users, Purplle has scaled its annualized GMV to $180 million in FY 2022.
Purplle had raised $75 million in a funding round in October 2021 led by homegrown private equity firm Kedaara Capital and joined by Sequoia Capital and Blume Ventures. The following month, the startup raised another $65 million as a part of its Series D funding round from Premji Invest.
Fundraising activity in the broader beauty and personal care segment has surged over the last few months.
India has been witnessing the rise of direct-to-consumer (D2C) brands across categories and is estimated to have a $100 billion addressable market by 2025, according to an October 2021 note by Avendus.
In May, Sugar Cosmetics, operated by Vellvette Lifestyle Pvt Ltd, has secured Series D funding of $50 million (Rs 388 crore) led by US-based private equity fund L Catterton.
In March, personal care brand Plum raised $35 million (Rs 270 crore) as a part of its Series C funding led by growth stage investor A91 Partners.