Online beauty and grooming products marketplace Purplle has raised Rs 1,000 crore (approximately $120 million) in a round led by a wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) with participation from other investors.
In addition to the funding round, Purplle has announced its largest-ever employee stock ownership plan (ESOP) liquidity program worth Rs 50 crore ($6 million).
As per the company, it has granted ESOPs to 320 employees to date, and 85 of them have liquidated ESOPs worth Rs 75 crore ($9 million) over three buyback programs.
In the previous fiscal year (FY22), its revenue and losses stood at Rs 219 crore and Rs 203 crore, respectively.
In October 2023, JSW Ventures exited the Gurugram-based company through a sale to Manipal Education & Medical Group Family Office (MEMG).
Online beauty and grooming products marketplace Purplle has raised Rs 1,000 crore (approximately $120 million) in a round led by a wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) with participation from other investors.
The latest round includes a combination of primary and secondary shares. While the company did not disclose its current valuation, media reports estimate it at around $1.2-$1.3 billion.
In addition to the funding round, Purplle has announced its largest-ever employee stock ownership plan (ESOP) liquidity program worth Rs 50 crore ($6 million). As per the company, it has granted ESOPs to 320 employees to date, and 85 of them have liquidated ESOPs worth Rs 75 crore ($9 million) over three buyback programs.
In June 2022, Purplle raised $33 million in its Series E round from South Korea’s Paramark Ventures and turned unicorn with a valuation of $1.1 billion.
The Manish Taneja-led company is primarily a marketplace but also sells its own labels such as Good Vibes. The company serves the beauty needs of customers in tier II, III and micro-markets, expanding beyond metro cities.
Purplle claims that it is operationally profitable and has grown its GMV by around 4x over the last three years. It expects to grow its online platform faster than the industry while scaling offline stores and improving profitability.
For the fiscal year ending March 2023, Purplle reported Rs 475 crore in operating revenue along with a loss of Rs 230 crore, according to startup data intelligence platform TheKredible. In the previous fiscal year (FY22), its revenue and losses stood at Rs 219 crore and Rs 203 crore, respectively.
This will be the second secondary transaction for Purplle within a year. In October 2023, JSW Ventures exited the Gurugram-based company through a sale to Manipal Education & Medical Group Family Office (MEMG).
