Purplle turns unicorn🦄, Cred valued at $6.4 Bn💸, Metaverse for banking, ecomm😎

Purplle is India’s second startup unicorn this week, Cred raises $80 million, Metaverses for banking, ecommerce come to life, Funding Deals and more.

Jun 10, 2022

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Beauty retailer Purplle is India’s second startup unicorn this week🦄

Online beauty and personal care products retailer Purplle has raised $33 million from Paramark Ventures at a valuation of $1.1 billion.

This makes it the 17th Indian tech startup to turn unicorn this year, and the second this week after online education venture Physics Wallah, amid a funding winter in the global startup ecosystem.

The company, which competes with larger rival Nykaa, has seven million monthly active users and over 1,000 brands on its platform, including five private labels.

It said its annualised gross merchandise value was $180 million in FY 2022. It has 2,400 employees.

Cred raises $80 million in funding led by GIC at $6.4 billion valuation💸

Fintech startup Cred has raised Rs 617 crore (about $80 million) in the first tranche of its latest funding round, according to filings with the Ministry of Corporate Affairs.

The latest fundraise, which includes a primary and a secondary component, will value Cred’s parent entity Dreamplug Technologies Pvt Ltd at around $6.4 billion, the firm said.

GIC, which invests in both public and private markets, also owns a stake in other Indian fintech businesses, including Razorpay and Paytm.

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Dedicated metaverses for banking, ecommerce come to life😎

The metaverse – a collection of futuristic virtual spaces that combine aspects of digital and physical worlds – is increasingly attracting traditional businesses. The trend is partly driven by FOMO (fear of missing out) on the next big way to engage with audiences.

Dedicated metaverses for industries such as ecommerce and banking are coming to life as companies look at virtual environments for engagement and lead generation.

Kiya.ai, a digital solution provider for financial institutions, last week launched a banking metaverse where it will build secure 3D virtual environments for banks to create life-like experiences for its customers.

FMCG brands like McCain, Tata Tea, ITC and Mondelez's Cadbury are doubling down on their investments in the metaverse to up their customer acquisition and brand engagement.