Sunday, July 14, 2024

Purplle Group Secures Rs 1,000 Crore Funding

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Purplle Group, an omnichannel beauty platform based in India, has successfully concluded a funding round totaling Rs 1,000 crore. This investment round was led by a subsidiary of the Abu Dhabi Investment Authority (ADIA), with participation from other investors through a mix of primary and secondary shares.

In conjunction with this funding, Purplle has unveiled its largest-ever Employee Stock Ownership Plan (ESOP) liquidity program, earmarking Rs 50 crore to provide liquidity to its employees. Previously, the company had granted ESOPs to 320 employees, with 85 of them liquidating ESOPs totaling Rs 75 crore across three buyback programs. Notably, 26% of the beneficiaries in this latest liquidity program are women.

Purplle has rapidly emerged as a leading player in the Beauty and Personal Care (BPC) sector, achieving nearly four-fold growth in Gross Merchandise Value (GMV) over the past three years. The company focuses on catering to beauty enthusiasts in tier 2 and tier 3+ micro-markets, expanding beyond metropolitan cities.

Operating profitably, Purplle aims to accelerate growth on its online platform, outpacing industry norms while simultaneously scaling its offline presence to enhance profitability. In the fiscal year 2023, the startup reported a robust 116% increase in operating revenue, soaring from Rs 219.8 crore to Rs 474.9 crore.

Purplle omnichannel beauty retailer

Manish Taneja, Co-Founder and CEO of Purplle, expressed enthusiasm about the investment, stating, “Our mission is to democratize beauty and ensure accessibility across India. While we have made significant strides, our journey continues. We will leverage technology and data capabilities to deliver the best omnichannel experience to our customers.” Taneja also highlighted ADIA’s increased support, underscoring their shared vision of building a sustainable and profitable business.

Purplle achieved unicorn status in 2022, bolstered by investments from ADIA, Kedaara, Premji Invest, Sequoia Capital India, and other prominent backers. The company remains committed to expanding its market presence and enhancing customer satisfaction in the competitive beauty industry.

Stay updated as Purplle Group navigates its growth trajectory, supported by substantial funding and a clear vision for the future of beauty retail in India.

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