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Omnichannel beauty platform Purplle Group has extended its latest funding round by ₹500 crore to close at ₹1,500 crore. This round was led by a subsidiary of Abu Dhabi Investment Authority (ADIA) with existing investors Blume Ventures and Premji Invest doubling down and new investors including Sharrp Ventures joining its cap table.
The company had raised ₹1,000 crore in a funding round led by an arm of ADIA at a valuation of $1.25 billion.
Speaking on the investment, Manish Taneja, Co-Founder & CEO at Purplle said, “As we continue to innovate and leverage our technology and data capabilities to deliver the best omnichannel experience to our customers, this latest round of investments reaffirms the importance of our vision to make every Indian feel beautiful.”
Founded in 2012 by Manish Taneja and Rahul Dash, Purplle has raised more than $500 million since its inception, and is backed by investors including Kedaara Capital, Peak XV, JSW Ventures, Goldman Sachs, and Verlinvest.
The funding comes at a time when the company is looking to expand its offline presence in tier II and tier III markets. Purplle posted a 43% rise in operating revenue to ₹680 crore for the financial year that ended March 31, 2024, from ₹475 crore in FY23, while its consolidated net loss narrowed by 46% to ₹124 crore from ₹230 crore a year ago.
The company had also announced its largest employee stock ownership plan (Esop) buyback programme to offer liquidity of ₹50 crore to its employees.
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