Purplle Group is an omnichannel beauty as well as personal care platform. It has successfully raised around Rs. 1000 crore in a funding round. This funding round was led by the Abu Dhabi Investment Authority along with other investors.
The round elevated the company’s pre-money valuation to $1.2 billion from the around $1.1 billion valuation that was received in the last funding round.
The recent funding round involved a mix of primary as well as secondary shares. ‘In increasing its shareholding in the company, ADIA has been offering its support to Purplle as we strive on our mission to build a sustainable as well as profitable business,’ according to Manish Taneja, co-founder as well as CEO of the company.
About Purplle
The company was founded in 2021 by Manish Taneja along with Rahul Dash. Purplle offers a massive range of beauty as well as personal care products. The company caters to households with an annual income of around Rs. 5–30 lakh.
Also, the company has a massive customer base in Tier 2 as well as Tier 3 towns. Half of the revenue is generated from more than 78 cities like Mysore, Kochi, Kozhikode, Coimbatore, etc.
The company has six in-house labels, like Faces Canada, hair care, as well as hygiene brands like Carmesi, Alps Goodness, etc., and they are available on different offline distribution platforms.
The co-founder as well as CEO of Purplle, Manish Taneja, revealed that the company has two offline stores. They are now planning to open 5–10 additional stores in a few months. The move by the company aims to align with the growing customer preferences that are favorable to hybrid shopping experiences.
However, as per the industry executives, half of the business of Purplle comes from its brands, but Manish declines to comment on anything about its total contributions. But the company is planning a public listing in the next three years or sooner.
Upcoming plans of Purplle
There are many more exciting things coming up from Purplle. The company has announced its largest ESOP, or employee stock ownership plan. This liquidity program offers equity of around Rs. 50 crore to Purplle employees following the latest funding round.
To date, Purplle has granted ESOPs to around 320 employees as well as 85 employees, liquidating ESOPs worth around Rs. 75 crores over the last three buyback programs.
Strong support from investors
Purplle is operating profitably and is aiming to enhance its growth on an online platform. Also, the company is planning to expand its offline presence while improving profitability. The company has strong support from investors like ADIA, Premji Invest, Goldman Sachs, Sequoia Capital India, Blume Ventures, Paramark Ventures, etc.
