Purplle, a leading omnichannel beauty platform, has successfully closed its Series F funding round, raising ₹1,500 crore (approximately $180 million). The funding was spearheaded by a subsidiary of the Abu Dhabi Investment Authority (ADIA) and received significant support from existing investors such as Premji Invest and Blume Ventures, who increased their stakes. The round also attracted new investors, including Sharrp Ventures.
The first tranche of ₹1,000 crore (around $120 million) was secured in July, bringing the total valuation of the Manish Taneja-led company to an estimated $1.2-1.3 billion. In June 2022, Purplle had already made headlines by joining the unicorn club with a $1.1 billion valuation, following a $33 million Series E funding from South Korea’s Paramark Ventures.
Driving Accessible Beauty with New Funding
The latest capital infusion will help Purplle advance its mission to make beauty products more accessible. By leveraging cutting-edge technology, the company aims to transform the beauty shopping experience, making it easier for consumers to discover and purchase products both online and offline.
Founded in 2012, Purplle operates a hybrid model, combining a marketplace with its proprietary brands such as Faces Canada, Good Vibes, Alps Goodness, Carmesi, and DermDoc. Its online platform attracts over 10 million monthly users, supplemented by 20,000 offline touchpoints across India.
Strong Financial Performance in FY24
Purplle reported a revenue increase to ₹680 crore in FY24, while reducing losses by 46% to ₹124 crore, down from ₹230 crore in FY23. The improved financial performance is attributed to scaled growth and efficient cost control, particularly in advertising expenses.
As of March 2024, Purplle’s cash and bank balances stood at ₹109 crore. According to Entrackr estimates, the company’s enterprise value to revenue multiple is at 15.8x, reflecting a robust financial outlook.
Employee Benefits and Strategic Exits
Over the past year, Purplle has taken steps to reward its employees through a $6 million ESOP buyback, while also providing an exit to early investor JSW Ventures via the sale of secondary shares.
visit: gamicaltech.com