Online magnificence and private care merchandise retailer Purplle.com, on Thursday introduced its entry into the unicorn membership. Welcoming South Korean traders Paramark Ventures to the cap desk, Purplle raised $33 million together with current traders Premji Invest, Blume Ventures, and Kedaara. The contemporary spherical of funding takes the full funding to over $215 million at a valuation of $1.1 billion.
“We welcome our new investor, Paramark Ventures, and look forward to cross-country synergies. The infusion is an opportunity to further our mission of building the beauty industry in India with technological investments, scaling of our private brands, and industry-first innovations. Staying true to our purpose of making Purplle ‘Har Indian Ka Beauty Destination’ we are strongly positioned for the next phase of accelerated growth,” Manish Taneja, co-founder, and CEO, Purplle.com, mentioned.
Purplle.com has beforehand obtained 4 rounds of funding from traders closing 2021 with a Series D of $ 140 million. Over the years, the corporate claims to have grown exponentially; with seven million month-to-month lively customers, over 1,000 manufacturers, 60,000 merchandise, and 5 personal DTC manufacturers.
We have been monitoring Purplle for a number of years now, Chunsoo Kim, founder and managing accomplice, Paramark Ventures, mentioned. “Purplle is addressing the enormous vacuum in the beauty and personal care industry in India in a way that the rising demand from massive Indian consumers can be best served beyond the limited set of customers in a few major cities. And, we find the team’s determination and endeavor to build a long lasting business to serve such needs of the Indian market through technology and customer delight both apparent and inspiring,” Kim added additional.
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Source: www.financialexpress.com”