Purplle Group Raises ₹1,000 Crore at $1.25 Billion Valuation in ADIA-led Funding Round
- ByStartupStory | July 2, 2024
Purplle Group, an omnichannel beauty and personal care products platform, has successfully raised ₹1,000 crore in a funding round led by an arm of the Abu Dhabi Investment Authority (ADIA), with participation from other prominent investors. This round elevates Purplle’s pre-money valuation to $1.25 billion, up from the $1.1 billion valuation it received in its previous funding round.
The latest funding round includes a mix of primary and secondary shares. “In increasing its shareholding in Purplle, ADIA has continued to support us as we pursue our vision of building a sustainable and profitable business,” said Manish Taneja, co-founder and CEO of Purplle.
Founded in 2012 by Taneja and Rahul Dash, Purplle offers a wide array of beauty and personal care products, catering primarily to households with annual incomes ranging from ₹5-30 lakh. The company has a significant customer base in tier 2 and tier 3 towns, with around half of its revenues coming from over 78 cities including Mysore, Coimbatore, Kochi, Ernakulam, Kozhikode, and Siliguri.
“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,” said Taneja. “We will constantly innovate and leverage our technology and data capabilities to provide our customers with the best omnichannel experience.”
Taneja revealed that Purplle, which currently has two offline stores, plans to open 5-10 more stores in the coming months. This move aims to align with evolving customer preferences that increasingly favor hybrid shopping experiences.
Additionally, Purplle has announced its largest employee stock ownership plan (ESOP) liquidity program, offering equity worth ₹50 crore to its employees following the recent funding round. To date, the company has granted ESOPs to 320 employees, with 85 employees liquidating ESOPs worth ₹75 crore over three previous buyback programs.
Purplle is operationally profitable and aims to accelerate growth on its online platform while expanding its offline presence and improving profitability. The company is supported by a host of marquee investors including ADIA, Kedaara Capital, Premji Invest, Sequoia Capital India, JSW Ventures, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures.
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