With post-Covid demand boosting the beauty sector, omnichannel platforms are attracting significant investor interest. Abu Dhabi's sovereign fund ADIA has led a $100 million funding round for Mumbai-based beauty retailer Purplle, raising the company's valuation to $1.2-1.3 billion, a notable 15% increase from its last funding round the previous year. Existing investor Premji Invest has also increased its investment in the company.
New investor: Creaegis, a fund founded by former Premji Invest partner Prakash Parthasarathy, is set to join the round as a new investor, indicating a broader interest in online beauty platforms. Creaegis has previously backed startups like Third Wave Coffee.
MCaffeine's approach: Known for its coffee-based skincare and haircare products, MCaffeine is in discussions with strategic investors for a new funding round. The company, which also owns the skincare brand Hyphen, aims to use strategic partnerships to drive growth.
High-growth companies: Skincare brand Foxtail and haircare brand Traya have recently secured funding from investors like Panthera Growth Partners and Xponential Capital. With major players like Nykaa, Myntra, Reliance's Ajio, and Tira increasing their focus on the beauty sector, experts predict the rise of several Rs 400-500 crore beauty brands in India.
Comments