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ADIA leads Indian beauty retailer’s $120m fundraising

Startup Purplle’s valuation has increased by 14 percent to $1.25 billion after the latest funding round Purplle Group
Startup Purplle’s valuation has increased by 14 percent to $1.25 billion after the latest funding round

The UAE’s Abu Dhabi Investment Authority (ADIA) has led the $120 million funding round of Indian online beauty retailer Purplle Group, local media reported.

The startup’s valuation has increased by 14 percent to $1.25 billion after the latest funding round, Mint, an Indian financial daily, reported.

Overall, Purplle has raised more than $500 million.

“ADIA has continued to support us as we pursue our vision of building a sustainable and profitable business,” the newspaper reported, quoting Purplle co-founder and CEO Manish Taneja.

Founded in 2012, the startup sells a range of beauty and personal care products, targeting the markets of tier two and tier three cities in India.

ADIA and the US-based private equity firm KKR invested $1.5 billion in India’s Reliance Retail Ventures’ warehousing assets in May. 

The sovereign wealth fund and India’s Kotak Alternative Investment Fund announced in April that they would support Indian developer Prestige Group by funding $240 million for residential projects in four Indian cities.

In the same month, Indian power company JSW Energy Limited raised $600 million by selling shares to institutional investors, including ADIA.

In March, the UAE wealth fund acquired shares in India’s budget carrier SpiceJet.

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