CHENNAI: Omnichannel beauty platform Purplle Group announced the closing of a Rs 1,000 cr funding round led by a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), along with participation from other investors, which includes a combination of primary and secondary shares.
Manish Taneja, co-founder-CEO, Purplle said, “In increasing its shareholding in Purplle, ADIA has continued to support us as we pursue our vision of building a sustainable and profitable business.”
Purplle is one of the fastest-growing retailers in the Beauty and Personal Care (BPC) segment, having grown its GMV by over 4x in the last three years. Purplle is operationally profitable and expects to grow its online platform faster than the industry while scaling offline stores and improving profitability, as per a release.
Strategically expanding its offline presence, Purplle Group retails its six direct-to-consumer private brands including, Faces Canada, Alps Goodness, Good Vibes, Carmesi, DermDoc, and Ny Bae across multiple touchpoints. The brand has over 1,500 assisted and 40,000+ touchpoints pan India, catering to the needs of customers in tier 2/3+ micro-markets, expanding beyond metro cities.
Purplle has also announced its largest-ever Employee Stock Ownership Plan (ESOP) liquidity programme and will offer liquidity of Rs 50 cr to its employees. Purplle has granted ESOPs to 320 staff up to date, and 85 of them have liquidated ESOPs worth Rs 75 cr over three buyback programs. In the largest-ever ESOP liquidity programme announced, 26 per cent of its beneficiaries are women, it added.