Purplle Raises $100 Million in Funding Led by ADIA By Elets News Network - 12 June 2024

Purplle

Leading beauty platform Purplle has secured a significant funding boost of $100 million (INR 835 Cr) through a mix of new and existing investors. This investment, led by Abu Dhabi’s sovereign wealth fund ADIA, propels Purplle’s valuation to a staggering $1.2-1.3 billion, reflecting a 15% jump from last year.

The funding round welcomes new investor Creaegis, a prominent private equity firm while existing backer Premji Invest has also upped its stake. This vote of confidence comes at a crucial juncture for Purplle, poised for major offline expansion this year. The company also has its sights set on an initial public offering (IPO) sometime between late 2025 and early 2026.

Founded in 2012, Purplle has carved a niche in the booming Indian beauty market. Their platform offers many beauty products and appliances, including popular D2C brands. The company’s revenue skyrocketed to INR 474.9 Cr in FY23, a remarkable 116% increase year-on-year.

India’s beauty and personal care (BPC) market is on a tear, projected to reach $30 billion in GMV by 2027, capturing a significant portion of the global BPC market. This rapid growth has attracted major players like Nykaa, Myntra, and Mamaearth, all vying for a larger share. Purplle’s new funding empowers them to compete aggressively, potentially dominating the market through strategic offline expansion. As they gear up for their IPO, Purple’s ambitious moves position them to become a major force in the ever-evolving Indian beauty landscape.

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