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Goldman-backed beauty startup Purplle becomes India's newest unicorn

Online cosmetics retailer Purplle raised capital at a $1.1 billion valuation, becoming the second billion-dollar company to be created in India this week despite souring investor sentiment on startups

Manish Taneja, Co-founder & CEO, Purplle.com
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Purplle, which has secured $215 million of total funding, will use the new capital to step up investments in technology, develop its private labels and strengthen its product.

Saritha Rai | Bloomberg
Online cosmetics retailer Purplle raised capital at a $1.1 billion valuation, becoming the second billion-dollar company to be created in India this week despite souring investor sentiment on startups.

 
The Mumbai-based firm raised $33 million of Series E financing from South Korea’s Paramark Ventures as well as existing backers Blume Ventures, Kedaara and billionaire Azim Premji’s Premji Invest, the company said in a statement.

Backed by Goldman Sachs Group Inc., Purplle is a prominent rival of Nykaa, whose parent FSN E-Commerce Ventures Ltd. pulled off one of India’s most successful market debuts just before global investment conditions tanked. Nykaa is