Online beauty retailer Purplle raises $33 million funding to become Unicorn. Nykaa rival purplle is a beauty startup. Purplle is now the 102 Unicorn of India.
Purplle raise funding on the 1.1B USD. India gets 2 new billion dollar company in this week, first was PhysicsWallah. PW is a edtech startup, knows for affordable prices.
Investors
Beauty startup Purplle raise funding from South Korea’s Paramark Ventures, Blume Ventures, Kedaara and billionaire Azim Premji’s Premji Invest.
Purplle is the pure rival of Nykaa, which currently valued at 8.8B USD. Nykaa already listed on Stock Market India. Purplle gets 70% growth.
Use Of Funds?
Purplle will use this funding to step up investments in technology, develop its private labels and strengthen its product. India is the 3rd biggest home to startups.
Sales of beauty products went down badly during lockdown. After lockdown, every company saw a big boost in the products. These startups are attracting middle class customers.
Purplle was founded in 2012 by Manish Taneja and Rahul Dash, Now its become Unicorn with 2400 employees. Last Year, Purplle acquired Faces Canada.
Purplle is the 3rd company in the online beauty startup to join the unicorn club. Company has 7M active users and 1000+ brands.
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