Online cosmetics marketplace Purplle has entered the coveted unicorn club after the Mumbai-based company raised $33 million as a part of a Series E funding round led by South Korea’s Paramark Ventures.

Existing investors Blume Ventures, Kedaara Capital and billionaire Azim Premji’s Premji Invest also participated in the funding round, the company said in a statement. With the latest fundraising, the company has raised $215 million in equity funding to date, it added.

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Purplle raised the latest round at a valuation of $1.1 billion, becoming India’s 102nd unicorn or a startup at valued $1 billion or more. Purplle follows edtech company PhysicsWallah, which raised $100 million in a funding round earlier this week, to become the second startup to join the unicorn club in June.

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The online beauty products company had raised $75 million in a funding round in October 2021 led by Kedaara Capital. Purplle also raised another $65 million as a part of its Series D funding round from Premji Invest, taking the total Series D fundraise to $140 million.

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Backed by Goldman Sachs Group Inc., Purplle is a key competitor of Nykaa, whose parent FSN E-Commerce Venture Limited pulled off one of India’s most successful market listings just before global investment conditions tanked. Nykaa is currently valued at $8.7 billion.

Purplle will use the new capital to step up investments in technology, scale its private labels and strengthen its product, its co-founder and chief executive officer Manish Taneja said.

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“Consumer products makers may be seeing inflationary pressures, but Purplle continues to clock 70% year-on-year volume growth,” said Taneja, without specifying timeframes. “Innovation in the beauty market is digital-first,” he added.

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Formally known as Manash Lifestyle Pvt, Purplle was established in 2012 by Taneja, Rahul Dash and Suyash Katyayani, three engineers from the Indian Institute of Technology (IIT). The company counts Goldman Sachs, JSW Ventures, Blume Ventures, Kedaara Capital, and billionaire Azim Premji’s Premji Invest as its investors.

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It managed $180 million of gross merchandise value in the year ending March, offering 60,000 beauty and personal care products and accessories from over 1,000 brands on its website and app.