$33 mn Series E funding turns Purplle into a unicorn

MUMBAI: Purplle, an e-beauty and grooming products marketplace, has raised $33 million in Series E round, gaining unicorn status with a valuation of $1.1 billion. South Korea’s Paramark Ventures besides Blume Ventures, Kedaara and Azim Premji’s Premji Invest have infused a fresh round of investment into the Mumbai-based firm. It is competing with public listed company Nyakaa, which has a market cap of $8.8 billion. Purplle claims to have 7 million monthly active users with over 1,000 brands and more than 60,000 products on the platform. The company also said it has scaled annualised gross merchandising volume to $180 million (around Rs 1,380 cr) in FY22. Incidentally, it also became the second company to gain entry into the unicorn club this week after edtech start-up PhysicsWallah. As per a report, Purplle’s valuation has jumped over 50% in this round.

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