Online beauty and grooming marketplace Purplle has secured Rs 1,000 crore (approximately $120 million) in a funding round led by a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), with participation from other investors.
The funding comprises both primary and secondary shares. While Purplle has not disclosed its current valuation, media reports suggest it is around $1.2-$1.3 billion.
In conjunction with the funding round, Purplle has announced its largest-ever employee stock ownership plan (ESOP) liquidity program, valued at Rs 50 crore ($6 million). To date, the company has granted ESOPs to 320 employees, with 85 of them having liquidated shares worth Rs 75 crore ($9 million) over three buyback programs.
Purplle, led by Manish Taneja, operates primarily as a marketplace but also sells its labels, including Good Vibes. The company caters to the beauty needs of customers in tier II, III, and micro-markets, expanding beyond metro cities.
The company claims operational profitability and reports a fourfold increase in its gross merchandise value (GMV) over the past three years. Purplle anticipates faster growth for its online platform compared to the industry average, while also scaling its offline presence and enhancing profitability.
This marks the second secondary transaction for Purplle within a year. In October 2023, JSW Ventures exited the Gurugram-based company through a sale to Manipal Education & Medical Group Family Office (MEMG).
In June 2022, Purplle raised $33 million in its Series E round from South Korea’s Paramark Ventures, achieving unicorn status with a valuation of $1.1 billion.
