A direct-to-consumer retailer of beauty and personal care products, Purplle, has raised Rs 1,000 crore in a funding round led by Abu Dhabi's sovereign wealth fund.
Apart from a wholly owned subsidiary of the Abu Dhabi Investment Authority, other investors participated in the round, which included a combination of primary and secondary shares.
Purplle claims its gross merchandise value has grown four times in the last three years, making it one of the fastest-growing retailers in the beauty and personal care segment. It targets customers in Tier 2 and 3+ micro-markets, expanding beyond metro cities.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
"Purplle is operationally profitable and expects to grow its online platform faster than the industry while scaling offline stores and improving profitability," the company said in a statement.
In the omnichannel beauty products space, Purplle competes with listed players such as FSN E-Commerce Ventures Ltd., the operator of Nykaa, and Honasa Consumer Ltd., the owner of Mamaearth and other brands, as well as well-funded competitors like Sugar Cosmetics.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
