BANKING AND ECONOMY
Omnichannel beauty retailer Purplle has become India’s 102nd unicorn after raising $33 million in funding from the new investor - South Korean investment firm Paramark Ventures. With this, Indian beauty e-tailer Purplle enters unicorn club.
The existing investors of the company including Premji Invest, Blume Ventures, and Kedaara Capital also participated in the mop-up.
The new investment is an opportunity to expand the company’s mission of building the beauty industry in India with technological investments and to enhance its private brands and industry-first innovations.
Purplle is the 102nd unicorn startup in India, and the second firm to achieve the unicorn tag in the month of June 2022. The first and 101st unicorn in June 2022 is the edtech startup PhysicsWallah turned unicorn after announcing $100 million funding in Series A funding from Westbridge and GSV Ventures. It is the first edtech player to achieve this milestone in 2022.
Purplle was founded by IIT Delhi alumnus Taneja, and IIT Kharagpur and IIM Ahmedabad alumnus Rahul Dash in 2012, is a beauty and personal care e-commerce platform.
A unicorn is a privately-held startup with a valuation of $1 billion or more.