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.
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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.
"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.
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