Purplle Funding: Purplle, a leading omnichannel beauty retailer in India, has announced a successful funding round, securing ₹1,000 crore ($120 million).
The round was led by a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and included participation from other notable investors.
This funding marks a significant milestone for Purplle as it continues to expand its presence in the beauty retail market.
Key Highlights of the Funding Round
- Lead Investor: The funding round was led by a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
- Total Funds Raised: ₹1,000 crore ($120 million).
- Investment Structure: The round included both primary and secondary shares issuance, showcasing strong investor confidence in Purplle’s growth trajectory.
Impressive Growth and Expansion
Purplle has demonstrated remarkable growth over the past three years, achieving a fourfold increase in its gross merchandise value (GMV).
The company has successfully captured the market by targeting customers in tier II, III, and below micro-markets through its diverse range of private labels, including Faces Canada, Alps Goodness, Good Vibes, Carmesi, and DermDoc.
Financial Performance and Future Plans
Purplle is not only operationally profitable but also aims to outpace industry growth in its online platform while expanding its offline store presence.
The company’s strategy focuses on improving profitability and reaching a broader customer base.
Also Read: Meet Tanvi Johri: Founder of Carmesi, Acquired by Purplle
Employee Stock Ownership Plan (ESOP) Liquidity Programme
In a significant move to reward and retain its employees, Purplle has announced an Employee Stock Ownership Plan (ESOP) liquidity programme, offering ₹50 crore in liquidity.
To date, 320 employees have received ESOPs, with 85 employees having liquidated ESOPs worth ₹75 crore through three buyback programmes.
Company Background and Investor Support
Founded in 2012 by Manish Taneja and Rahul Das, Purplle has grown into a major player in the beauty retail industry.
The company operates an online platform that reaches over 10 million consumers each month and boasts more than 20,000 offline touchpoints.
Purplle’s impressive growth and innovative approach have attracted investments from prominent investors, including ADIA, Kedaara, Premji Invest, Sequoia Capital India, JSW Ventures, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures.
Recent Milestone: JSW Ventures’ Exit
In October 2023, JSW Ventures fully exited its shareholding in Purplle, selling its stake to Manipal Education and Medical Group Family Office.
This exit marked a 2.7X return on investment, highlighting the significant value generated by Purplle over the years.
Looking Ahead
With the fresh infusion of funds, Purplle is well-positioned to continue its rapid growth and innovation in the beauty retail sector. The company’s focus on both online and offline expansion, coupled with its commitment to employee welfare through the ESOP programme, sets it up for continued success.
Stay tuned for more updates on Purplle’s journey and its impact on the beauty retail landscape.
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