Purplle is a D2C startup that offers beauty and cosmetic products. The startup secured $120 million in its funding round, led by Abu Dhabi Investment Authority. This round saw the participation of the firm’s existing and new investors. The funding round includes both primary and secondary shares. After this round, the company is evaluated to be around $1.2 billion to $1.3 billion. We are disscusing the D2C beauty product startup Purplle secured $120 million in a funding round led by Abu Dhabi Investment Authority.
We are disscusing the D2C beauty product startup Purplle secured $120 million in a funding round led by Abu Dhabi Investment Authority:
The company turned into a unicorn in 2022 after securing $33 million in its series E funding round led by South Korea’s Paramark Ventures at a valuation of $1.1 billion. Purplle announced its plans for the most prominent employee stock ownership plan liquidity program of $6 million. The company has approved ESOPs of 320 employees, including 85 employees with liquidated ESOPs of $9 million over three buyback programs. The startup plans to use these fresh proceeds to scale operations, enhance its platform for a better user experience, advance its technologies, and expand its network.
The company reported a four-time increase in its GMV over the last three years. Purplle expects to grow its online platform while scaling its physical stores and improving profitability. This marks the second purple transaction in one year. The platform also provides customers a customized and secure collection of global skincare and body care products. The company rivals other online beauty product brands, including Nykaa. The company aims to offer a seamless and fun online shopping experience.
The data intelligence platform The Kredible mentioned that the company had an operating revenue of around Rs 475 crore and a loss of Rs 230 crore in FY23. This DC beauty products marketplace, Purplle startup, offers beauty and makeup products. The company offers a variety of solutions and products, including face masks, lipstick cleansers, foundation, moisturizers, and more. The company claims to deliver clinically tested and expert-formulated beauty products.
Conclusion
Purplle is a D2C startup offering an online platform for beauty products that secured 120 million USD in its funding round led by the Abu Dhabi Investment Authority and others. The round includes both primary and secondary shares. The company’s valuation after this round is estimated to be around 1.2 billion to 1.3 billion USD. The company turned into a unicorn in 2022 after securing 33 million USD in its series E funding round led by South Korea’s Paramark Ventures at a valuation of 1.1 billion.
The startup intends to use these fresh proceeds to scale operations, enhance its platform for a better user experience, advance its technologies, and expand its network. Purple announced its plans for the most extensive employee stock ownership plan liquidity program worth $6 million. Purplle expects to grow its online platform while scaling its physical stores and improving profitability. This marks the second purple transaction in one year. This beauty brand claims to deliver clinically tested and expert-formulated beauty products. The startup plans to grow its online platform and increase its offline stores this year.
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