Purplle Group raises Rs 1,000 crore in funding led by subsidiary of ADIA

Purplle Group, a homegrown omnichannel beauty platform, recently announced the closing of a Rs 1000 crore funding round led by a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).

The round also saw participation from other investors, which includes a combination of primary and secondary shares.

Announces its largest-ever ESOP program

Alongside this funding round, Purplle has also announced its largest-ever Employee Stock Ownership Plan (ESOP) liquidity program and will offer liquidity of Rs 50 crore to its employees.

Purplle has granted ESOPs to 320 employees up to date, and 85 of them have liquidated ESOPs worth ₹75cr over three buyback programs. In the largest-ever ESOP liquidity program announced, 26% of its beneficiaries are women.

What does Purplle do?

Purplle is one of the fastest-growing retailers in the Beauty and Personal Care (BPC) segment, having grown its GMV by ~4x over the last three years.

The company serves the beauty needs of customers in tier 2/3+ micro-markets, expanding beyond metro cities.

Purplle claims to operationally profitable and expects to grow its online platform faster than the industry while scaling offline stores and improving profitability.

For FY23, the unicorn startup reported a 116% increase in its operating revenue from Rs 219.8 crore to Rs 474.9 crore. 

Leadership comments

Speaking on the investment, Manish Taneja, Co-Founder and CEO of Purplle, said, “It is our mission to democratize beauty and make it accessible to all, and while we have reached many beauty enthusiasts across India, we still have a long way to go."

"We will constantly innovate and leverage our technology and data capabilities to provide our customers with the best omnichannel experience. In increasing its shareholding in Purplle, ADIA has continued to support us as we pursue our vision of building a sustainable and profitable business," Taneja said.

In 2022, Purplle became India’s 102nd unicorn, backed by investors including a wholly owned subsidiary of ADIA, Kedaara, Premji Invest, Sequoia Capital India, JSW Ventures, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures.