Indian Online Beauty Retailer Purplle Secures $120 Million Investment from ADIA

Purplle, a leading Indian online beauty retailer, has successfully raised $120 million in a funding round led by a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), according to the Economic Times. This significant investment has propelled Purplle’s valuation to $1.3 billion.

ADIA’s Strategic Investments in India

This recent funding round is part of ADIA’s broader investment strategy in India. Recently, ADIA acquired a minority stake in Paras Defense and Space Technologies for over Rs 628 million ($7.5 million). Additionally, ADIA, in collaboration with US-based private equity firm KKR, invested approximately $1.5 billion in the warehousing assets of Reliance Industries Limited’s retail subsidiary in May.

Purplle’s Growing Investor Base

Purplle has garnered support from an impressive array of investors, including Kedaara, Premji Invest, Sequoia Capital India, JSW Ventures, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures. The majority of the newly acquired funds will be allocated towards enhancing technology and exploring offline store formats to facilitate further retail expansion.

Historical Funding Milestones

In April, reports indicated that Purplle was in early discussions for a $100 million investment from ADIA. Prior to this, ADIA invested more than $50 million in Purplle in May 2023, which valued the company at $1.1 billion.

Purplle’s Market Presence and Growth

Established in 2012, Purplle’s platform features over 1000 brands and 60,000 products, attracting a user base of 7 million monthly active users. In 2022, Purplle established 6,000 offline touchpoints and inaugurated 8 exclusive stores, marking a significant expansion in its physical retail presence.

Achieving Unicorn Status

Purplle achieved unicorn status in 2022, becoming India’s 102nd unicorn, thanks to substantial investments from ADIA, Kedaara, Premji Invest, Sequoia Capital India, JSW Ventures, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures.

Future Prospects

With the new influx of funds, Purplle is well-positioned to enhance its technological infrastructure and expand its retail footprint, both online and offline. The company’s continuous growth and strategic investments highlight its potential to dominate the Indian beauty retail market.

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