Purplle, an online cosmetics retailer, raised capital at a US$ 1.1 billion valuation, becoming India's second billion-dollar company despite souring investor sentiment on startups.
The Mumbai based firm raised US$ 33 million funding in Series-E financing from South Korea’s Paramark Ventures, as well as existing backers Blume Ventures, Kedaara and billionaire Mr. Azim Premji’s Premji Invest.
Purplle, which Goldman Sachs Group Inc. backs, is a major competitor of Nykaa, whose parent company, FSN E-Commerce Ventures Ltd., made one of India's most successful market debuts just as global investment circumstances began to deteriorate. Nykaa is currently valued at US$ 8.7 billion.
The company will use the funds to step up investments in technology, develop its private labels and strengthen its product.
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