TLDR:
- ADIA leads a $100 million financing round in Mumbai-based beauty retailer Purplle at a valuation of $1.2-1.3 billion.
- Creaegis, a PE fund, is expected to join the funding round. MCaffeine, a caffeine-based skincare and haircare brand, is also in the middle of a fundraise process.
Funds are flowing into omnichannel beauty retailers and brands, with ADIA leading a $100 million financing round in Mumbai-based beauty retailer Purplle at a valuation of $1.2-1.3 billion. Creaegis, a PE fund, is expected to join the funding round, and MCaffeine, a caffeine-based skincare and haircare brand, is also in the midst of a fundraise process. The beauty sector in India is seeing significant growth post-Covid, with several new brands emerging and large incumbents like Nykaa and Myntra expanding their offerings. The funding in Purplle and MCaffeine is indicative of investor interest in the space and the potential for profitability in high gross margin businesses. The rise of new brands and increased competition in the market is driving innovation and differentiation in the industry, with a focus on product quality and premium pricing. Companies like Mamaearth and Foxtale have also made significant strides in revenue growth, signaling a positive outlook for the omnichannel beauty sector in India.
