Two companies, Purplle and WROGN, have raised new funds to support their expansion in beauty and fashion.
Purplle, an omnichannel beauty platform, raised Rs 1,500 crore (about $180 million) in its Series F round. The round was led by a subsidiary of the Abu Dhabi Investment Authority (ADIA). Premji Invest, Blume Ventures, and Sharrp Ventures also participated.
Purplle aims to use the funds to make beauty accessible to more people. The company will use technology to improve how consumers find and buy beauty products. This round values Purplle at around $1.2-1.3 billion. The company reached unicorn status in 2022 with a valuation of $1.1 billion.
Founded in 2012 by Manish Taneja, Purplle has two models: a marketplace and its own brands. These brands include Faces Canada, Good Vibes, and Carmesi. Purplle serves over 10 million online consumers each month and has 20,000 offline touchpoints.
The company’s FY24 revenue reached Rs 680 crore, while its losses dropped by 46%. Purplle also completed a $6 million ESOP buyback for employees.
WROGN, a men’s apparel brand, raised Rs 75 crore (about $9 million) from Aditya Birla Digital Fashion Ventures Ltd (ABDFVL). This new investment increases ABDFVL’s stake in WROGN from 17.10% to 32.84%.
Founded in 2014 by Anjana and Vikram Reddy, WROGN is known for casual wear and footwear. The brand uses Virat Kohli’s influence to connect with customers. It sells through exclusive brand outlets and e-commerce platforms.
In June 2024, WROGN raised Rs 125 crore ($15 million) from TMRW House of Brands, part of Aditya Birla Group. This investment valued the company at about $105 million.
WROGN’s FY24 revenue dropped to Rs 243.75 crore, a 29.2% decrease from FY23. Despite cost cuts, the brand’s losses grew to Rs 56.76 crore. The investment from Aditya Birla will help WROGN expand its reach and grow its brand.