Indian online beauty retailer Purplle has raised $120 million in a funding round led by a wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA), according to local media reports.

Following the funding round, the startup is valued at $1.3 billion, Economic Times, an Indian financial daily, reported, quoting informed sources.

Purplle is backed by other investors such as Kedaara, Premji Invest, Sequoia Capital India, JSW Ventures, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures.

The majority of funds will be invested in technology and to experiment further with the offline store formats for retail expansion, the newspaper reported, citing Manish Taneja, CEO, Purplle.  

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

ADIA and US-based private equity firm KKR invested an estimated $1.5 billion in the warehousing assets owned by the retail subsidiary of India’s Reliance Industries Limited (RIL) in May.

In March, the Economic Times newspaper reported that ADIA was in talks with India’s audio storytelling platform Pocket FM to invest around $1.2 billion.

(Editing by Seban Scaria seban.scaria@lseg.com)