Manish Taneja, co-founder and chief executive officer at Purplle
Purplle, one of India’s leading omnichannel beauty platforms, has completed the final closure of its Series F funding round, securing an investment of Rs 1,500 crore. This round, led by a subsidiary of ADIA, saw additional participation from existing investors, including Premji Invest and Blume Ventures, who significantly increased their commitments. New investors, such as Sharrp Ventures, have also joined the cap table. The company said this round will support its mission to democratise beauty and leverage technology, further enhancing its ability to bridge the accessibility gap in the beauty industry.
“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,” said Manish Taneja, co-founder and chief executive officer at Purplle.
Rishabh Mariwala from Sharrp Ventures said their strategic involvement with Purplle is focused on reinforcing their philosophy of backing new-age platforms with a commitment to customer centricity. “Through the application of data-driven insights and expansion into underserved markets, we seek to support the company in delivering personalised and accessible beauty solutions tailored to the diverse needs of consumers across India,” said Mariwala. “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, Purplle has a team of 4,000 people. The firm uses artificial intelligence systems built on a proprietary data stack and operates an online platform reaching over 10 million consumers a month, along with 20,000 offline touchpoints. The company has built a personalised online and offline shopping experience for consumers by creating detailed user personas and recommending products based on personality and purchase behaviour.
Purplle is a strong partner to third-party brands while scaling direct-to-consumer private brands like Faces Canada, Alps Goodness, Good Vibes, Carmesi, and DermDoc.
In 2022, Purplle became India’s 102nd unicorn, backed by investors including a wholly owned subsidiary of ADIA, Kedaara, Premji Invest, Sequoia Capital India, JSW Ventures, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures.
First Published: Oct 15 2024 | 10:31 AM IST
#Beauty #platform #Purplle #closes #investment #Series #funding
HINDI NEWS
