MAM
Purplle raises $33 mn in Series E from Paramark Ventures, existing investors
Mumbai: Online cosmetics retailer Purplle raised $33 million in Series E funding from South Korea’s Paramark Ventures as well as existing backers Blume Ventures, Kedaara and Premji Invest, the company announced on Friday.
With the latest round of funding, the startup takes its total funding to over $215 million and joins India’s coveted unicorn club with a valuation of $1.1 billion.
Purplle.com has gone through four rounds of funding from reputed investors in closing 2021 with $140 million.
“We are humbled by the conviction of our investors in brand Purplle, being a testament to the value we have created over the years,” said Purplle.com co-founder and CEO Manish Taneja. “We welcome our new investor, Paramark Ventures, and look forward to cross-country synergies. The infusion is an opportunity to further our mission of building the beauty industry in India with technological investments, scaling of our private brands, and industry-first innovations. Staying true to our purpose of making Purplle ‘Har Indian Ka Beauty Destination’ we are strongly positioned for the next phase of accelerated growth.”
“We have been tracking Purplle for several years now. We are deeply impressed with the team and platform that the founders have built over the years and are glad to be partnering with them at this stage.” said Paramark Ventures founder and managing partner Chunsoo Kim.
“Purplle is addressing the enormous vacuum in the beauty and personal care industry in India in a way that the rising demand from massive Indian consumers can be best served beyond the limited set of customers in a few major cities. And, we find the team’s determination and endeavour to build a long lasting business to serve such needs of the Indian market through technology and customer delight both apparent and inspiring,” further added Kim.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
