•  Funding Achievement and Valuation: Indian online beauty retailer Purplle has successfully raised $120 million in a funding round led by a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).

•  Strategic Investments by ADIA: Recently, ADIA has been actively investing in India, acquiring a minority stake in the India-listed Paras Defense and Space Technologies for over Rs 628 million ($7.5 million) and jointly investing approximately $1.5 billion with KKR in the warehousing assets of Reliance Industries Limited’s retail subsidiary.

•  Investor Backing and Fund Allocation: The newly secured funds will primarily be used to enhance the company’s technology and explore offline store formats for retail expansion.

Indian online beauty retailer Purplle has secured $120 million in a funding round led by a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), according to to local media reports. As a result of this, the startup’s valuation has reached $1.3 billion, as reported by the Economic Times, an Indian financial daily.

Last month, the UAE’s largest sovereign wealth fund acquired a minority stake in the India-listed Paras Defense and Space Technologies for over Rs 628 million ($7.5 million).

In addition, ADIA, along with US-based private equity firm KKR, made a significant investment of approximately $1.5 billion in the warehousing assets owned by the retail subsidiary of India’s Reliance Industries Limited (RIL) in May.

Purplle is supported by a range of investors, including Kedaara, Premji Invest, Sequoia Capital India, JSW Ventures, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures. The majority of the newly raised funds will be allocated towards enhancing technology and exploring offline store formats for further retail expansion, as noted by the newspaper.