ADIA Invests $120 Million in Indian Purplle
This investment has increased the startup’s valuation to $1.3 billion.
Indian online beauty retailer Purplle has secured $120 million in a funding round led by a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), as reported by the Economic Times, an Indian financial daily. This investment has increased the startup’s valuation to $1.3 billion.[1]
Recently, ADIA acquired a minority stake in India-listed Paras Defense and Space Technologies for over Rs 628 million ($7.5 million). Additionally, ADIA and US-based private equity firm KKR invested around $1.5 billion in the warehousing assets of Reliance Industries Limited’s retail subsidiary in May.
Purplle is supported by various investors, including Kedaara, Premji Invest, Sequoia Capital India, JSW Ventures, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures. The majority of the new funds will be used to enhance technology and explore offline store formats for further retail expansion.
In April, it was reported that Purplle is in early discussions for a $100 million investment from the ADIA.
ADIA invested more than $50 million in Purplle in May 2023, a move that valued Purplle at $1.1 billion.
Established in 2012, Purplle’s platform hosts over 1000 brands with 60,000 products, and a user base of 7 million monthly active users.
In 2022, Purplle established 6,000 offline touchpoints and inaugurated 8 exclusive stores.
Purplle became India's 102nd unicorn in the same year thanks to investors like ADIA, Kedaara, Premji Invest, Sequoia Capital India, JSW Ventures, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures.