Purplle, Purplle Secures $180 Million Series F funding round, a prominent omnichannel beauty platform, has successfully closed its Series F funding round, raising ₹1,500 crore (approximately $180 million). This funding round was spearheaded by a subsidiary of the Abu Dhabi Investment Authority (ADIA), with significant contributions from existing investors such as Premji Invest and Blume Ventures, who have increased their stakes. New investors, including Sharrp Ventures, also participated in this round.
Earlier in July, Purplle secured the first tranche of funding, amounting to ₹1,000 crore (around $120 million). This recent funding round values the company, led by Manish Taneja, at between $1.2 billion and $1.3 billion. Notably, 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.
The new funds will empower Purplle’s mission to democratize beauty, enhancing consumer access to a wide array of beauty products and services. The company plans to leverage advanced technology to improve how consumers discover and purchase these offerings, aiming to broaden its audience.
Founded in 2012, Purplle operates through two main business models: a marketplace and its own branded products, which include Faces Canada, Good Vibes, Alps Goodness, Carmesi, and DermDoc. The platform attracts over 10 million consumers monthly and boasts 20,000 offline touchpoints.
In the fiscal year 2024, Purplle reported revenues of ₹680 crore, significantly reducing its losses by 46% to ₹124 crore, down from ₹230 crore in FY23. This success is attributed to strategic growth and cost management, particularly in advertising. As of March 2024, Purplle held cash and bank balances of ₹109 crore, with an enterprise value to revenue multiple estimated at 15.8x, according to Entrackr.
Additionally, in the past year, Purplle rewarded its employees with a $6 million ESOP buyback and facilitated an exit for JSW Ventures through the sale of secondary shares.
