The investment round was led by South Korea’s Paramark Ventures and supported by existing investors, including Blume Ventures, Kedaara and billionaire Azim Premji’s Premji Invest.
Purplle, which has so far raised $215 million, plans to use the fresh capital to increase its investments in technology and launch new private labels to strengthen its position in the market.
“Consumer products makers may be seeing inflationary pressures, but Purplle continues to clock 70 percent year-on-year volume growth,” co-founder Manish Taneja said. “Innovation in the beauty market is digital-first.”
The startup is emerging as a key rival for Indian beauty retailer Nykaa, which operated 100 beauty stores across 45 cities in India as of March this year. According to Bloomberg, the company handled $180 million in gross merchandise volume, offering products from over 1,000 brands on its website and app.
While the company has so far succeeded in marketing its products to middle-class buyers from smaller cities and towns, it is facing increased competition from both beauty startups and retail heavyweights. Reliance, for one, announced plans to open 400 beauty stores just three weeks ago.
Purplle was founded by three engineering graduates from the Indian Institute of Technology in 2012.