/indianstartupnews/media/agency_attachments/s1FnhAYONODoxNkoC8xA.png)
Follow Us/indianstartupnews/media/media_files/fCOCEuNnniePoCpq64Su.png)
Purplle, a beauty ecommerce marketplace, has reported significant financial growth in FY23, with its operating revenue nearly doubling to Rs 474.9 crore, a 116% increase from Rs 219.8 crore in FY22.
Diverse revenue streams
The company's revenue comes from two main sources. Product sales were the largest contributor, bringing in Rs 247 crore, which is 51% of the total operating revenue. This is a significant jump from Rs 35.6 crore in FY22.
Additionally, advertising revenue from other brands on its platform contributed Rs 227.9 crore, almost 48% of the operating revenue, up from Rs 184.2 Cr in FY22.
Total income crosses Rs 500 crore mark
Purplle's total income saw a remarkable 124% increase, reaching Rs 508.6 crore in FY23 from Rs 227.4 crore in the previous fiscal year. However, the company's net loss also grew to Rs 230 crore from Rs 203.6 crore in FY22.
The total expenditure rose by 71% to Rs 738.3 crore from Rs 431.2 crore in FY22. Advertising expenses, which were a significant part of the expenditure, increased to Rs 266.5 crore. Employee benefit expenses doubled to Rs 170.5 crore, and procurement expenses surged over 500% to Rs 82.8 crore.
What does Purplle do?
Purplle operates primarily as a marketplace but also offers its proprietary labels, such as Good Vibes. In the competitive landscape, Purplle stands toe-to-toe with Nykaa and faces indirect competition from giants like Amazon, Flipkart, and Good Glamm Group, among others.
It features products from various brands, including Plum, WOW Skin Science, mCaffeine, Maybelline, and SUGAR Cosmetics.
In June 2022, The startup raised $33 million in a Series E funding round from South Korea's Paramark Ventures, existing investors like Blume Ventures, Kedaara, and billionaire Azim Premji's Premji Invest.
Following this investment, Purplle's valuation surged, making it a unicorn with a valuation of $1.1 billion.
Join our new WhatsApp Channel for the latest startup news updates