Beauty Retailer Purplle to Raise $100M from Abu Dhabi Investment Authority: Reports
- ByStartupStory | April 8, 2024
In a move set to further bolster its position in the beauty and personal care market, Indian unicorn Purplle is reportedly in talks to secure a substantial $100 million investment from the Abu Dhabi Investment Authority (ADIA), according to recent reports.
The investment, if finalized, is expected to be channeled through a secondary transaction, with some early investors anticipated to exit the venture. Additionally, this infusion of capital may also play a crucial role in Purplle’s pre-IPO round, as the company eyes a public listing between late 2025 and early 2026, as revealed by Manish Taneja, CEO of Purplle.
This potential funding marks ADIA’s second significant investment in Purplle within a year, following its initial investment of $50-60 million in May 2023, valuing the company at $1.1 billion.
Founded in 2012 by Manish Taneja and Rahul Dash, Purplle has rapidly ascended to the coveted unicorn status in 2022 after securing $33 million in a Series E funding round from notable investors including South Korean investment firm Paramark Ventures, Premji Invest, Blume Ventures, and private equity fund Kedaara.
Purplle has distinguished itself by offering a wide array of beauty and personal care products spanning categories such as makeup, skincare, haircare, personal care, fragrances, and grooming appliances. With a portfolio boasting popular brands like Good Vibes and Faces Canada, the company has witnessed a surge in demand, recording a substantial revenue increase of 72% to Rs 219.9 crore in the fiscal year ending March 2022.
Despite its robust revenue growth, Purplle also reported widened losses, reaching Rs 203.6 crore from Rs 52.18 crore in the previous year. Nevertheless, the company’s annualized gross merchandise value surged to Rs 1,400 crore, reflecting the growing consumer appetite for beauty products.
Looking ahead, Purplle aims to further expand its footprint by venturing into the offline retail space, with plans to establish five to ten additional stores in the coming months. This strategic move is aligned with the company’s vision to capitalize on the burgeoning demand for beauty products and the evolving preference for hybrid shopping experiences.
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