Online cosmetics retailer Purplle raised capital at a $1.1 billion valuation, becoming the second billion-dollar company to be created in India this week despite souring investor sentiment on start-ups.

Even as Reliance has diversified its businesses over the years to retail, telecom and recently green energy, the conglomerate’s oil-to-chemicals (O2C) operations continue to account for a bulk of its revenue.

Prices in India, the world’s biggest consumer after China, have rallied in the past month in line with the overseas markets as investors sought safe havens following Russia’s invasion of Ukraine.

Manish Malhotra is planning to more than double his chain of stores as well as open his first overseas shop, months after Asia’s richest man bought into his eponymous fashion house.