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.

 

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