Beauty e-commerce unicorn Purplle has successfully completed its Series F funding round, securing INR 1,500 crore (around $178.5 million). This funding was backed by notable investors, including the Abu Dhabi Investment Authority (ADIA), Premji Invest, and Blume Ventures, among others.
In͏͏ July,͏͏ it͏͏ was͏͏ reported͏͏ that͏͏ Purplle͏͏ raised͏͏ INR͏͏ 1,000͏͏ crore͏͏ in͏͏ its͏͏ Series͏͏ F͏͏ funding͏͏ round,͏͏ led͏͏ by͏͏ ADIA,͏͏ through͏͏ a͏͏ combination͏͏ of͏͏ primary͏͏ equity͏͏ infusion͏͏ and͏͏ secondary͏͏ share͏͏ sales.
Continue͏͏ Exploring:͏͏ Beauty e-commerce giant Purplle raises͏͏ INR͏͏ 1,000͏͏ Cr͏͏ funding͏͏ led͏͏ by͏͏ ADIA͏͏ subsidiary
The͏͏ Mumbai-based͏͏ omnichannel͏͏ beauty͏͏ retailer͏͏ has͏͏ now͏͏ secured͏͏ an͏͏ additional͏͏ INR͏͏ 500͏͏ crore,͏͏ with͏͏ Sharrp͏͏ Ventures͏͏ joining͏͏ the͏͏ cap͏͏ table.͏͏ This͏͏ brings͏͏ Purplle’s͏͏ total͏͏ Series͏͏ F͏͏ funding͏͏ to͏͏ INR͏͏ 1,500͏͏ crore.
Focus͏͏ on͏͏ Expansion͏͏ and͏͏ Profitability:
The͏͏ startup͏͏ intends͏͏ to͏͏ use͏͏ the͏͏ new͏͏ funds͏͏ to͏͏ enhance͏͏ its͏͏ online͏͏ platform,͏͏ expand͏͏ its͏͏ offline͏͏ stores,͏͏ and͏͏ boost͏͏ profitability.
Founded͏͏ in͏͏ 2012͏͏ by͏͏ Manish͏͏ Taneja͏͏ and͏͏ Rahul͏͏ Dash,͏͏ Purplle͏͏ offers͏͏ a͏͏ diverse͏͏ selection͏͏ of͏͏ beauty,͏͏ personal͏͏ care,͏͏ skincare,͏͏ and͏͏ cosmetics͏͏ products,͏͏ primarily͏͏ targeting͏͏ households͏͏ in͏͏ Tier-II͏͏ and͏͏ III͏͏ towns.͏͏ A͏͏ significant͏͏ portion͏͏ of͏͏ its͏͏ gross͏͏ merchandise͏͏ value͏͏ (GMV)͏͏ is͏͏ generated͏͏ from͏͏ smaller͏͏ cities͏͏ like͏͏ Mysore,͏͏ Coimbatore,͏͏ Kochi,͏͏ Ernakulam,͏͏ Kozhikode,͏͏ and͏͏ Siliguri.
Purplle’s͏͏ strategy͏͏ of͏͏ acquiring͏͏ D2C͏͏ brands͏͏ like͏͏ Faces͏͏ Canada,͏͏ Carmesi,͏͏ and͏͏ Good͏͏ Vibes͏͏ for͏͏ its͏͏ private͏͏ label͏͏ has͏͏ enabled͏͏ the͏͏ company͏͏ to͏͏ establish͏͏ a͏͏ strong͏͏ presence͏͏ in͏͏ India’s͏͏ rapidly͏͏ growing͏͏ beauty͏͏ and͏͏ personal͏͏ care͏͏ market.
In͏͏ contrast,͏͏ competitors͏͏ such͏͏ as͏͏ Nykaa,͏͏ Meesho,͏͏ and͏͏ Tata͏͏ Cliq͏͏ have͏͏ focused͏͏ on͏͏ developing͏͏ a͏͏ premium͏͏ product͏͏ portfolio͏͏ by͏͏ forming͏͏ partnerships͏͏ with͏͏ sought-after͏͏ brands.
“As͏͏ we͏͏ strive͏͏ to͏͏ innovate͏͏ and͏͏ utilise͏͏ our͏͏ technology͏͏ and͏͏ data͏͏ capabilities͏͏ to͏͏ provide͏͏ the͏͏ best͏͏ omnichannel͏͏ experience͏͏ for͏͏ our͏͏ customers,͏͏ this͏͏ latest͏͏ round͏͏ of͏͏ investment͏͏ underscores͏͏ the͏͏ significance͏͏ of͏͏ our͏͏ vision͏͏ to͏͏ make͏͏ every͏͏ Indian͏͏ feel͏͏ beautiful,”͏͏ stated͏͏ Taneja.
IPO͏͏ Plans:
This͏͏ news͏͏ comes͏͏ as͏͏ Purplle͏͏ is͏͏ reportedly͏͏ gearing͏͏ up͏͏ for͏͏ an͏͏ IPO͏͏ in͏͏ 2025͏͏ or͏͏ 2026.͏͏ Although͏͏ the͏͏ company͏͏ reduced͏͏ its͏͏ net͏͏ loss͏͏ to͏͏ INR͏͏ 124͏͏ crore͏͏ in͏͏ the͏͏ financial͏͏ year͏͏ 2023-24͏͏ (FY23),͏͏ marking͏͏ a͏͏ 46%͏͏ decrease͏͏ from͏͏ the͏͏ INR͏͏ 230͏͏ crore͏͏ loss͏͏ reported͏͏ the͏͏ previous͏͏ year,͏͏ it͏͏ continues͏͏ to͏͏ operate͏͏ at͏͏ a͏͏ loss.
Purplle’s͏͏ revenue͏͏ moved͏͏ closer͏͏ to͏͏ the͏͏ INR͏͏ 700͏͏ Cr͏͏ mark͏͏ during͏͏ the͏͏ review͏͏ period,͏͏ as͏͏ the͏͏ startup͏͏ reported͏͏ an͏͏ operating͏͏ revenue͏͏ of͏͏ INR͏͏ 679.6͏͏ Cr͏͏ in͏͏ FY24,͏͏ reflecting͏͏ a͏͏ 43%͏͏ increase͏͏ from͏͏ INR͏͏ 475͏͏ Cr͏͏ in͏͏ the͏͏ previous͏͏ fiscal͏͏ year.
Continue͏͏ Exploring:͏͏ Purplle revenue͏͏ soars͏͏ 43%͏͏ to͏͏ INR͏͏ 679.6͏͏ Cr͏͏ in͏͏ FY24,͏͏ reduces͏͏ net͏͏ loss͏͏ by͏͏ 46%
This͏͏ funding͏͏ comes͏͏ as͏͏ investors͏͏ show͏͏ growing͏͏ interest͏͏ in͏͏ the͏͏ Indian͏͏ beauty͏͏ and͏͏ personal͏͏ care͏͏ industry,͏͏ which͏͏ is͏͏ projected͏͏ to͏͏ reach͏͏ a͏͏ market͏͏ size͏͏ of͏͏ $30͏͏ Bn͏͏ by͏͏ 2027.
In͏͏ June,͏͏ D2C͏͏ beauty͏͏ brand͏͏ RENEE͏͏ Cosmetics͏͏ secured͏͏ INR͏͏ 100͏͏ Cr͏͏ (approximately͏͏ $11.9͏͏ Mn)͏͏ in͏͏ its͏͏ Series͏͏ B1͏͏ funding͏͏ round,͏͏ co-led͏͏ by͏͏ existing͏͏ investors͏͏ Evolvence͏͏ India͏͏ and͏͏ Edelweiss͏͏ Group.
That͏͏ same͏͏ month,͏͏ personal͏͏ care͏͏ giant͏͏ Lotus͏͏ Herbals͏͏ launched͏͏ a͏͏ $50͏͏ Mn͏͏ fund͏͏ to͏͏ invest͏͏ in͏͏ early-stage͏͏ startups͏͏ within͏͏ the͏͏ beauty͏͏ sector.
Recently,͏͏ Deepika͏͏ Padukone’s͏͏ D2C͏͏ personal͏͏ care͏͏ startup͏͏ 82°E͏͏ was͏͏ reportedly͏͏ aiming͏͏ to͏͏ raise͏͏ INR͏͏ 50͏͏ Cr͏͏ (approximately͏͏ $6͏͏ Mn)͏͏ in͏͏ an͏͏ extended͏͏ seed͏͏ funding͏͏ round.
