JSW Ventures has decided to sell stake in beauty e-tailer Purplle through a secondary transaction to Manipal Education & Medical Group Family Office (MEMG). With this transaction, JSW Ventures has fully exited their stake in Purplle from Fund I, but added that it continues to stay invested in the brand through the second fund.
Ranjan Pai, Chairman of the Manipal Group, said, “With their vision and dedication, the Purplle team, has created a digital ecosystem that revolutionises how Indian consumers discover and experience beauty products. We are excited to be part of Purplle’s journey as they scale up.”
Sachin Tagra, Managing Partner at JSW Ventures, added that Purplle was one of the fund’s earliest investments as a fund in 2016. “It has delivered a 57 per cent IRR. We are delighted to announce that with this exit, we have returned 2.7 times the corpus of the first fund. We continue to stay invested in Purplle from our second fund and wish the team at Purplle continued success.”
Beauty e-tailer
Founded in 2012, Purplle is a beauty e-tailer which sells over 1,200 brands and has over seven million monthly active users. It also has its own beauty brands including Good Vibes, Purplle, NY bae, and others.
Manish Taneja, Co-Founder and CEO at Purplle, said, “We welcome Dr Ranjan Pai to Purplle and are pleased to provide a great exit to JSW Ventures Fund 1. As we build Purplle into a remarkable data and technology-led beauty company, we are excited about the value-add that Dr Pai can add.”
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