Purplle Surpasses $1.3 Billion Valuation with $120 Million Funding Round

Purplle Surpasses $1.3 Billion Valuation with $120 Million Funding Round

By Staff Writer, 11 July 2024

Purplle, an Indian online beauty retailer, has successfully raised $120 million in its latest funding round, led by a subsidiary of the Abu Dhabi Investment Authority (ADIA), according to reports from local media. This investment has propelled Purplle's valuation to $1.3 billion, marking a significant milestone for the startup, as reported by the Economic Times.

The funding round underscores ADIA's continued interest in Indian markets, following its recent minority stake acquisition in Paras Defense and Space Technologies, valued at over Rs 628 million ($7.5 million). Additionally, ADIA, in collaboration with US-based private equity firm KKR, made a substantial investment of around $1.5 billion in warehousing assets owned by the retail arm of India's Reliance Industries Limited (RIL) back in May.

Purplle's latest financing round saw participation from a diverse group of investors, including Kedaara, Premji Invest, Sequoia Capital India, JSW Ventures, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures. The majority of the newly raised capital will be allocated towards advancing technology capabilities and exploring offline retail formats to further expand its footprint in the beauty retail sector, as highlighted in the newspaper's report.

Source: Waya Media

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