THE WHAT? Online Indian cosmetics retailer start-up Purplle has become India’s latest Unicorn, having raised US$1.1 billion at a capital valuation, according to a report by Bloomberg.
THE DETAILS The Mumbai-based company is the second billion-dollar company to be created in the country this week, and has raised US$33 million of Series E financing from South Korea’s Paramark Ventures in addition to existing backers Blume Ventures, Kedaara and billionaire Azim Premji’s Premji Invest.
Purplle is a competitor of Nykaa, which made a successful market debut prior to global investment conditions tumbling, according to Bloomberg.
THE WHY? The new capital will be used to increase tech investments, develop its private labels and strengthen its product.
Speaking in an interview, Founder Manish Taneja said, “Consumer products makers may be seeing inflationary pressures, but Purplle continues to clock 70% year-on-year volume growth. Innovation in the beauty market is digital-first.”
Aesthetic products generally refer to a broad category of items designed to enhance or improve one's appearance, often focusing on skincare, beauty, and personal grooming. These products are typically used to maintain or enhance physical attractiveness and may include a wide range of items intended for both professional and personal use. Here are some common types of aesthetic products:
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Skincare Products: Including cleansers, moisturizers, serums, and treatments designed to address various skin concerns such as acne, aging, hyperpigmentation, and sensitivity.
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Cosmetics: Makeup products such as foundations, concealers, eyeliners, lipsticks, and eyeshadows used to enhance facial features and achieve desired looks.
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Hair Care Products: Shampoos, conditioners, styling products, and treatments to maintain and improve the health and appearance of hair.
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Fragrances: Perfumes and colognes used to enhance personal scent and attractiveness.
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Dental Care Products: Toothpaste, mouthwash, whitening treatments, and dental floss aimed at maintaining oral hygiene and enhancing smile aesthetics.
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Personal Grooming Tools: Including razors, electric shavers, trimmers, and grooming kits used for hair removal and personal hygiene.
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Beauty Devices: Devices such as facial cleansing brushes, LED light therapy masks, and microcurrent devices designed for at-home skincare treatments.
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Nutritional Supplements: Supplements aimed at promoting skin health, hair growth, and overall well-being, often containing vitamins, minerals, and antioxidants.
