Purplle, the online marketplace for beauty and grooming products, has successfully raised Rs 1,000 crore (approximately $120 million) in its latest funding round led by a subsidiary of the Abu Dhabi Investment Authority (ADIA), along with participation from other investors.
Founded and led by Rahul dash and Manish Taneja, Purplle operates not only as a marketplace but also markets its own labels such as Good Vibes, catering to beauty needs across tier II, III, and micro-markets in addition to metro cities.
The funding round comprises a mix of primary and secondary shares, although Purplle has not disclosed its current valuation, estimates place it between $1.2 billion to $1.3 billion, according to media reports.
In addition to the funding, Purplle has unveiled its largest-ever Employee Stock Ownership Plan (ESOP) liquidity program worth Rs 50 crore ($6 million). The company has distributed ESOPs to 320 employees to date, with 85 employees having already liquidated ESOPs totaling Rs 75 crore ($9 million) through three previous buyback programs.
Purplle claims operational profitability and has reported significant growth, quadrupling its Gross Merchandise Value (GMV) over the past three years. The company aims to accelerate growth on its online platform, expand offline stores, and enhance profitability moving forward.
For the fiscal year ending March 2023, Purplle reported operating revenue of Rs 475 crore, alongside a loss of Rs 230 crore, as per data from startup intelligence platform TheKredible. In the preceding fiscal year (FY22), the company reported revenue of Rs 219 crore with losses amounting to Rs 203 crore.
This funding round marks Purplle’s second secondary transaction within a year, following JSW Ventures’ exit in October 2023, acquired by Manipal Education & Medical Group Family Office (MEMG).