With the help of other investors, the fully owned subsidiary of Abu Dhabi Investment Authority (ADIA) led a fundraising round of Rs 1,000 crore, or about $120 million, for the online marketplace Purplle, which sells beauty and grooming products.
Primary and secondary shares are included in the most recent round. The company has not disclosed its current valuation; however, reports in the media place it between $1.2-$1.3 billion.
Along with the funding round, Purplle has revealed the details of its biggest-ever Rs 50 crore ($6 million) employee stock ownership plan (ESOP) liquidity program. According to the company, 320 employees have received ESOPs to date, and 85 of those employees have liquidated ESOPs totaling Rs 75 crore ($9 million) through three buyback programs.
Purplle became a unicorn in June 2022 after raising $33 million from Paramark Ventures in South Korea during its Series E round. The company was valued at $1.1 billion.
In addition to selling its own labels, like Good Vibes, the Manish Taneja-led business mainly operates as an online marketplace. Beyond major cities, the company expands to meet the beauty needs of clients in tier II, tier III, and micromarkets.
Purplle states that over the previous three years, its GMV has increased by about four times and that it is operationally profitable. It plans to scale offline stores, increase profitability, and grow its online platform at a faster rate than the industry.
According to media, Purplle reported operating revenue of Rs 475 crore and a loss of Rs 230 crore for the fiscal year ending in March 2023. Its revenue and losses for the preceding fiscal year (FY22) were Rs 219 crore and Rs 203 crore, respectively.
Purplle will engage in this secondary transaction for the second time in a calendar year. The Gurugram-based business was sold to Manipal Education & Medical Group Family Office (MEMG) in October 2023, marking JSW Ventures’ exit from the company.
