Purplle raises $33 mn in Series E from Paramark Ventures, existing investors

Purplle raises $33 mn in Series E from Paramark Ventures, existing investors

The startup has raised more than $215 million taking its valuation to $1.1 billion.

Purplle

Mumbai: Online cosmetics retailer Purplle raised $33 million in Series E funding from South Korea’s Paramark Ventures as well as existing backers Blume Ventures, Kedaara and Premji Invest, the company announced on Friday.

With the latest round of funding, the startup takes its total funding to over $215 million and joins India’s coveted unicorn club with a valuation of $1.1 billion.

Purplle.com has gone through four rounds of funding from reputed investors in closing 2021 with $140 million.

“We are humbled by the conviction of our investors in brand Purplle, being a testament to the value we have created over the years,” said Purplle.com co-founder and CEO Manish Taneja. “We welcome our new investor, Paramark Ventures, and look forward to cross-country synergies. 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. Staying true to our purpose of making Purplle ‘Har Indian Ka Beauty Destination’ we are strongly positioned for the next phase of accelerated growth.”

“We have been tracking Purplle for several years now. We are deeply impressed with the team and platform that the founders have built over the years and are glad to be partnering with them at this stage.” said Paramark Ventures founder and managing partner Chunsoo Kim.

“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. And, we find the team’s determination and endeavour to build a long lasting business to serve such needs of the Indian market through technology and customer delight both apparent and inspiring,” further added Kim.