Purplle, an Indian online beauty retailer, raised $120 million headed by an Abu Dhabi Investment Authority affiliate.
ADIA has been making significant investments in India lately. It paid over Rs 628 million ($7.5 million) for a minority stake in the India-listed Paras Defense and Space Technologies and invested roughly $1.5 billion with KKR in the retail subsidiary of Reliance Industries Limited’s warehousing assets.
The company’s technology will be improved, and the recently raised capital will be explored for offline shop formats in order to expand retail.
Local media sources state that Purplle, an online beauty retailer based in India, has raised $120 million in a funding round headed by a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). This has led to the startup’s valuation rising to $1.3 billion, according to the Indian business daily Economic Times.
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For more than Rs 628 million ($7.5 million), the largest sovereign wealth fund in the UAE purchased a minority interest in the India-listed Paras Defense and Space Technologies last month.
Furthermore, in May, ADIA and US-based private equity firm KKR made a substantial investment of roughly $1.5 billion in the warehousing assets owned by Reliance Industries Limited (RIL), an Indian company.
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Many investors, such as Kedaara, Premji Invest, Sequoia Capital India, JSW Ventures, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures, are supporting Purplle. According to the publication, the majority of the recently obtained money will go toward improving technology and looking into physical shop layouts for additional retail expansion.
About Purplle
Purplle has developed a distinctive, highly customized online and physical shopping experience for customers by constructing comprehensive user profiles, allowing users to try on makeup, and making product recommendations based on personality, search terms, and purchasing patterns.
